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AFL-CIO: The umbrella organization for many labor unions in the United States, with AFL standing for American Federation of Labor, and CIO the abbreviation of Congress of Industrial Organizations. The AFL-CIO began as just the AFL in 1886 as a collection of craft unions representing skilled workers. It expanded to include semiskilled and unskilled workers represented by industrial unions. Differing interests among the two groups lead to a division of the original AFL in 1938 into two separate groups -- the AFL containing craft unions and CIO containing industrial unions. This rift was closed in 1955, when the AFL and CIO merged to form the AFL-CIO.
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Lesson 5: Market Demand | Unit 2: Law of Demand
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Page: 5 of 20
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The law of demand is the basic principle underlying demand, one of our most important economic laws. A definition: The law of demand is an inverse relationship between demand price and the quantity demanded, ceteris paribus. - Inverse relationship means that people buy more of a good if the price is lower and less if the price is higher.
- In terms of scientific method, price causes quantity demanded. A change in the price causes a change in the quantity demanded.
Ceteris paribus is important to the law of demand.- Ceteris paribus means other things remain unchanged.
- Law of demand applies exclusively to the relationship between demand price and quantity demanded.
- All other things that can affect demand must remain constant to avoid distorting this relationship.
- Because demand is affected by many factors other than price, a buyer may buy larger amounts of a good even with a higher price.
- Other factors that affect demand are called demand determinants.
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INDUSTRY A group of firms producing goods or services that are close substitutes-in-consumption. The similarity of the products makes it possible to analyze the production in a market framework. An industry can be broadly defined, such as the manufacturing industry, or narrowly specified, such as the root beer industry. For most economic analysis the term industry is used interchangeably with the term market.
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Lewis Carroll, the author of Alice in Wonderland, was the pseudonym of Charles Dodgson, an accomplished mathematician and economist.
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"We succeed in enterprises (that) demand the positive qualities we possess, but we excel in those (that) can also make use of our defects." -- Alexis de Tocqueville, Statesman
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L/C
Letter of Credit
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