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TRADE UNION: A labor union composed of workers in the same occupation, but not necessarily in the same industry, producing the same product, or employed by the same firm. Common examples of craft unions are for plumbers, carpenters, and musicians. Craft unions generally exert market control by limiting the number of suppliers. The American Federation of Labor (AFL) began as a collection of craft unions. This is also termed a craft union.
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Lesson 9: Consumer Demand | Unit 1: Demand Theory
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Page: 2 of 22
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Topic:
Making Decisions
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- A decision: I am pondering a trip to the beach to spend my time wading in the water, playing volleyball, and soaking up the sun.
- But this seemingly simple decision involves a number of considerations:
How much time do I want to spend at the beach? An hour? Four hours? All day?Do I really want to go to the beach? Would I rather visit the amusement park instead? Maybe I could do both?How much will this cost? Do I have sufficient income to pay for admission? Do I have sufficient time?
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INTERNATIONAL MARKET A graphical model used to analyze the trade between two nations based on the domestic markets for a particular good in each nation. The international market combines the excess demand (or import demand) from one country with the excess supply (or export supply) from another to illustrate how two nations undertake mutually beneficial trade. The international market model also can be used to analyze the impact of tariffs, import quotas, and export subsidies.
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BLUE PLACIDOLA
[What's This?]
Today, you are likely to spend a great deal of time waiting for visits from door-to-door solicitors wanting to buy either decorative celebrity figurines or a flower arrangement with anything but tulips for your grandfather. Be on the lookout for spoiled cheese hiding under your bed hatching conspiracies against humanity.
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This isn't me! What am I?
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During the American Revolution, the price of corn rose 10,000 percent, the price of wheat 14,000 percent, the price of flour 15,000 percent, and the price of beef 33,000 percent.
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"It is not because things are difficult that we do not dare; it is because we do not dare that they are difficult. " -- Seneca, statesman, dramatist, philosopher
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RPI
Retail Price Index
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