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LABOR-MANAGEMENT RELATIONS ACT: A Congressional act passed in 1947 that limited the power acquired by U.S. labor unions during the 1930 and into the 1940s. More commonly known as the Taft-Hartley Act, this outlawed unfair labor practices by labor unions to counterbalance earlier legislation that had outlawed unfair labor practices by firms. The Taft-Hartley Act also set up provisions to decertify unions, if members chose to do so, and allowed states to pass right-to-work laws, which would outlaw union shops.
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                           EFFICIENT: The state of resource allocation that exists when the highest level of consumer satisfaction is achieved from available resources. This state can be accomplished through markets when the price buyers are willing and able to pay for a good--based on the satisfaction obtained--is equal to the price sellers need to charge for a good--based on the opportunity cost of production. An efficient state of resource allocation means that society is doing the best it can to address the scarcity problem. Available resources are used to achieve the greatest possible satisfaction of wants and needs. The scarcity problem is not eliminated with this state, merely lessened to the greatest possible degree.Efficient MarketsA market exchange achieves an efficient state if the demand price reflects the satisfaction everyone obtains from consuming the good and the supply price reflects all opportunity cost of producing the good, that is, the satisfaction foregone.Market equilibrium, with equality between demand price and supply price, means the satisfaction obtained from the good is equal to the opportunity cost of production. The value (satisfaction) of the good produced is the same as the value (satisfaction) of other goods not produced. Satisfaction cannot be increased by producing more of one good and less of another. InefficientAn inefficient state occurs if the highest level of consumer satisfaction is not achieved from available resources. A market exchange achieves an inefficient state if the demand price does not reflect the satisfaction everyone obtains from consuming the good and/or the supply price does not reflect all opportunity cost of producing the good.Under these circumstances, a market equilibrium equality between demand price and supply price does not achieve an efficient equality between the value (satisfaction) of the good produced and the value (satisfaction) of other goods foregone. Satisfaction can be increased by producing more of one good and less of another.
Recommended Citation:EFFICIENT, AmosWEB Encyclonomic WEB*pedia, http://www.AmosWEB.com, AmosWEB LLC, 2000-2024. [Accessed: December 6, 2024].
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BEIGE MUNDORTLE
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Today, you are likely to spend a great deal of time going from convenience store to convenience store looking to buy either storage boxes for your summer clothes or 500 feet of coaxial cable. Be on the lookout for infected paper cuts.
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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.
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"Use, do not abuse; neither abstinence nor excess ever renders man happy." -- Voltaire, philosopher
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EC
European Community
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