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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 9: Consumer Demand | Unit 2: Total Utility
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Page: 9 of 22
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In this unit, you should have learned about:- Total utility as the total satisfaction obtained from consuming one or more goods.
- That utility is measured by utils, which is a hypothetical and unrealistic measure, but helps illustrate the utility concept.
- The total utility schedule as a table relating total utility and the quantity consumed.
- How total utility increases with the quantity consumed, but reaches a peak, then declines.
- The motivation of utility maximization, but that consumers are typically faced with constrained utility maximization.
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INNOVATION PROFIT Economic profit, the difference between the total revenue received by a firm and the total opportunity cost of production, that is attributable to innovation, the initial application of new products, technologies, or ideas. Innovation profit is one of two sources of economic profit. The other is monopoly profit that arises due to market control. The generation of innovation profit is an important incentive that by rewarding individual innovative behavior enables society-wide benefits from the resulting innovations.
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The word "fiscal" is derived from a Latin word meaning "moneybag."
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"What gets measured gets done." -- Peter Drucker, educator
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LRAS
Long Run Aggregate Supply
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