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May 23, 2024 

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UNION: An organization of workers or employees who act jointly to negotiate with their employers over wages, fringe benefits, working conditions, and other facets of employment. The main function of unions is to provide a balance for the market control exerted over labor by big business.

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TOTAL FACTOR COST, MONOPSONY: The opportunity cost incurred by a monopsony when using a given factor of production to produce a good or service. This is the total cost associated with the use of a particular resource or factor of production--it is the total cost of the factor. For monopsony, the price paid increases with the quantity purchased and total factor cost increases at an increasing rate. Total factor cost is predominately used in the analysis of the factor market. Two derivative factor cost measures are average factor cost and marginal factor cost.

     See also | average factor cost | marginal factor cost | average factor cost curve | marginal factor cost curve | total cost | total product | total factor cost, perfect competition | total factor cost, perfect competition |


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TOTAL FACTOR COST, MONOPSONY, AmosWEB GLOSS*arama, http://www.AmosWEB.com, AmosWEB LLC, 2000-2024. [Accessed: May 23, 2024].


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TAX EFFICIENCY

Taxes, mandatory payments used to finance government operations, inherently disrupt the allocation of resources. This disruption might be good, correcting an otherwise inefficient allocation caused by pollution or market control. However, for an already efficiency allocation, a tax creates and inefficient wedge between the demand price and the supply price. This tax is generally paid partially by buyers and partially by sellers, which the tax incidence. Inefficiency arises because a tax reduces the total amount of consumer surplus and producer surplus, which is deadweight loss.

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Today, you are likely to spend a great deal of time at a dollar discount store looking to buy either a revolving spice rack or a how-to book on home repairs. Be on the lookout for door-to-door salesmen.
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There were no banks in colonial America before the U.S. Revolutionary War. Anyone seeking a loan did so from another individual.
"Time is the scarcest resource, and unless it is managed nothing else can be managed."

-- Peter F. Drucker

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