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SATISFACTION: The process of successfully fulfilling wants and needs. A basic fact of life is that people want and need stuff to stay alive and to make that life more enjoyable. Satisfaction is the economic term that captures this wants-and-needs-fulfilling process. Satisfying wants and needs is actually the ultimate goal of economic activity, the end result of addressing the fundamental problem of scarcity, and, when you get right down to it, life itself.
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Lesson 23: Factor Market Equilibrium | Unit 5: Bilateral Monopoly
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Page: 21 of 24
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- Suppose that the union takes monopoly control of the supply-side of this market.
- This tense situation is officially described as a bilateral monopoly.
- Bilateral monopoly is market structure containing a single buyer and a single seller, or more specifically, the combination of a monopoly on the selling side and a monopsony on the buying side.
- Should the firm seek to hire workers, it must do so through the union. Alternatively, should the union seek to employment for its members, it must do so through the firm.
- That's the way it works. One buyer. One seller.
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ABSTRACTION Simplifying the complexities of the real world by ignoring (hopefully) unimportant details while doing economic analysis. Abstraction is an essential feature of the scientific method. Hypothesis verification, model construction, and comparative static analysis are not possible without abstraction.
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BROWN PRAGMATOX
[What's This?]
Today, you are likely to spend a great deal of time searching for a specialty store hoping to buy either a coffee table shaped like the state of Florida or storage boxes for your summer clothes. Be on the lookout for fairy dust that tastes like salt.
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This isn't me! What am I?
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The standard "debt" notation I.O.U. does not mean "I owe you," but actually stands for "I owe unto..."
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"Learn to enjoy every minute of your life. Be happy now. Don't wait for something outside of yourself to make you happy in the future. Think how really precious is the time you have to spend, whether it's at work or with your family. Every minuteshould be enjoyed and savored." -- Earl Nightingale
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NTB
Non-Tariff Barrier
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