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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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DERIVATION, SAVING LINE A saving line, a graphical depiction of the relation between household sector saving and income, can be derived from the consumption line. The saving line can also be derived by plotting the saving-income information from a saving schedule or using the slope and intercept values of the saving function. However, derivation from the consumption line emphasis the connection between consumption and income--that the household sector uses a portion of income for consumption and a portion for saving.
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GREEN LOGIGUIN
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Today, you are likely to spend a great deal of time at the confiscated property police auction wanting to buy either a flower arrangement with a lot of roses for your grandmother or a wall poster commemorating the first day of winter. Be on the lookout for infected paper cuts.
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In the Middle Ages, pepper was used for bartering, and it was often more valuable and stable in value than gold.
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"I shall do less whenever I shall believe what I am doing hurts the cause and I shall do more whenever I shall believe doing more will help the cause. I shall try to correct errors when shown to be errors and I shall adopt new views so fast as they shall appear to be true views. " -- Abraham Lincoln, 16th US president
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LRMC
Long Run Marginal Cost
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