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GENERAL STRIKE: A strike by a majority of the workers in key industries throughout a country in a particular region of the country. This type of strike is different in both magnitude and intent than that of a strike against a specific firm or industry. In particular, a general strike involves virtually every union regardless of industry or occupation. In addition, the intent of a general strike is to bring the economy to a standstill as a means of forcing major structural changes in the economy or society. Such a strike has been effectively used from time to time, but because it does shut down the economy and imposes hardships on almost everyone.
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Lesson 23: Factor Market Equilibrium | Unit 2: Market Control
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Page: 9 of 24
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- Here's the official monopsony definition:
- A monopsony is market characterized by a single buyer.
- Much as a monopoly is the only seller in a market, monopsony is the only buyer.
- A few highlights about monopsony:
- One Buyer
- Inefficient
- Ideal in the Extreme
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AMERICAN ECONOMIC ASSOCIATION A formal organization of professional economists that promotes economic research, organizes annual meetings and conferences, and maintains a list of publications in several economics subjects. The American Economic Association (AEA) was originally organized by a small group interested in economics at a meeting in 1888 in Saratoga, New York. However, as interest in the subject grew, it officially incorporated in 1923. Although the AEA contained only a small number of members in the beginning, today the membership is approximately 18,000. In addition, about 4,600 libraries, institutions, and firms subscribe to the quarterly publications of the AEA.
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ORANGE REBELOON
[What's This?]
Today, you are likely to spend a great deal of time touring the new suburban shopping complex trying to buy either a set of luggage with wheels or a birthday gift for your aunt. Be on the lookout for fairy dust that tastes like salt.
Your Complete Scope
This isn't me! What am I?
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A half gallon milk jug holds about $50 in pennies.
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"You are never given a dream without also being given the power to make it true." -- Richard Bach, Author
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GAB
General Agreements to Borrow
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