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UNION SHOP: An employment arrangement, usually written into a collective bargaining agreement, in which a firm is free to hire both union and nonunion employees, with the stipulation that workers must join the union once hired. Union shops became a popular method of gaining control over the labor services when closed shops were outlawed by the Taft-Hartley Act passed in 1947. Those states with right-to-work laws effectively outlaw union shops. The alternative to a union shop is an open shop.
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Lesson 9: Consumer Demand | Unit 3: Marginal Utility
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Page: 15 of 22
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In this unit, you should have learned about:- Marginal utility as the extra satisfaction obtained from consuming more units of a good.
- How marginal utility is identified as the change in total utility due to a change in the quantity.
- The marginal utility schedule as a table relating marginal utility and the quantity consumed.
- How marginal utility decreases with the quantity consumed until it becomes negative.
- The law of diminishing marginal utility which states that marginal utility declines when more of a good is consumed.
- Why the law of diminishing marginal utility results from fulfilling a want or need.
- The potential relation between the law of demand and the law diminishing marginal utility.
- How the diamond-water paradox illustrates the difference between total utility and marginal utility.
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SHORT-RUN AGGREGATE SUPPLY The total (or aggregate) real production of final goods and services available in the domestic economy at a range of price levels, during a period of time in which some prices, especially wages, are rigid, inflexible, or otherwise in the process of adjusting. Short-run aggregate supply, commonly abbreviated SRAS, is one of two aggregate supply alternatives, distinguished by the degree of price flexibility. The other is long-run aggregate supply. Short-run aggregate supply is combined with aggregate demand in the short-run aggregate market analysis used to analyze business-cycle instability, unemployment, inflation, government stabilization policies, and related macroeconomic topics.
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BLUE PLACIDOLA
[What's This?]
Today, you are likely to spend a great deal of time touring the new suburban shopping complex seeking to buy either a small, foam rubber football or an instructional DVD on learning to the play the oboe. Be on the lookout for vindictive digital clocks with revenge on their minds.
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This isn't me! What am I?
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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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"Courage is the ladder on which all the other virtues mount." -- Claire Boothe Luce, diplomat, writer
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MP
Marginal Product
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