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COMPANY TOWN: A small town closely associated with the production activity by a single firm. The firm is typically the only employer in the town and most of the goods and services sold throughout the town are provided by this firm. Company towns were quite prevalent in the late 1800s and early 1900s during the U.S. industrial revolution, often affiliated with a large mining, lumber, or manufacturing facility that was isolated from major urban areas. The company literally built a town around this facility to provide support services for their employees. The downside, however, was the lack of competition for both the employment of labor (monopsony) and the provision of consumer goods (monopoly). In some cases, the controlling firm exploited its market control creating circumstances not but different from slavery. Such company towns were a key motivation from the formation of labor unions.
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COMMAND ECONOMY An economy in which the government uses its coercive powers to answer the three questions of allocation. This is the real world version of the idealized theoretical pure command economy. While in this real world version some allocation decisions are undertaken by markets, the vast majority are made through central planning.
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WHITE GULLIBON
[What's This?]
Today, you are likely to spend a great deal of time watching infomercials trying to buy either a flower arrangement for that special day for your mother or a New York Yankees baseball cap. Be on the lookout for the happiest person in the room.
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This isn't me! What am I?
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Lombard Street is London's equivalent of New York's Wall Street.
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"Adversity is another way to measure the greatness of individuals. I never had a crisis that didn't make me stronger. " -- Lou Holtz, Football Coach
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FAMS
Forecasting and Modeling System
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