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AMERICAN FEDERATION OF LABOR: Started as a collection of craft unions in 1886, this is now one half of the umbrella organization for labor unions in the United States (the AFL part of AFL-CIO). As a collection of craft unions, the AFL primarily represented skilled workers in particular occupations. However, it also contained unions representing unskilled industrial workers, which led to a rift among AFL members in 1938 and spawned the formation of the Congress of Industrial Organizations (CIO). This rift was closed in 1955, when both joined together to form the AFL-CIO, which is the primary advocate for workers and labor unions in the United States.

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Lesson 23: Factor Market Equilibrium | Unit 2: Market Control Page: 8 of 24

Topic: Buying Side <=PAGE BACK | PAGE NEXT=>

  • Here's a list of resource market structures that have buying-side market control:

    • Perfect competition: This has exactly the same name as the selling-side market structure because perfect competition is really based on large numbers of both buyers and sellers exchanging an identical production.

    • Monopsonistic competition: This is the buying-side equivalent of monopolistic competition.

    • Oligopsony: is a market structure with a small number of relatively large firms dominating the market for a factor.

    • Monopsony: is a market structure with a single firm buying all output.


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GOLDSMITH BANKING

An analysis of banking functions based on the semi-realistic activities of the goldsmith profession of Medieval Europe. Because the gold used a production inputs by goldsmiths was also used as money, they developed many modern banking functions, including maintaining deposits, making loans, keeping reserves, and creating money. While the story of goldsmith banking is often embellished for instructional purposes, it does contain the essence of how goldsmiths operated as banks.

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Today, you are likely to spend a great deal of time searching the newspaper want ads seeking to buy either a genuine down-filled comforter or a 200-foot blue garden hose. Be on the lookout for poorly written technical manuals.
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John Maynard Keynes was born the same year Karl Marx died.
"Good judgment comes from experience, and often experience comes from bad judgment."

-- Rita Mae Brown ‚ Writer

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