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MEDIATION: Intervention by an impartial third party to settle disputes between two others. The actions of this third party--the mediator--are not legally binding. Mediators are frequently used in collective bargaining negotiations when unions and their employers have reached an impasse. Mediators help both sides work out a satisfactory agreement. But neither side is legally compelled to follow the mediator's advice.
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EQUILIBRIUM QUANTITY The quantity that exists when a market is in equilibrium. Equilibrium quantity is simultaneously equal to both the quantity demanded and quantity supplied. In a market graph, the equilibrium quantity is found at the intersection of the demand curve and the supply curve. Equilibrium quantity is one of two equilibrium variables. The other is equilibrium price.
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GRAY SKITTERY
[What's This?]
Today, you are likely to spend a great deal of time looking for a downtown retail store seeking to buy either a printer that works with your stockpile of ink cartridges or income tax software. Be on the lookout for gnomes hiding in cypress trees.
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Okun's Law posits that the unemployment rate increases by 1% for every 2% gap between real GDP and full-employment real GDP.
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"Defeat is simply a signal to press onward." -- Helen Keller, lecturer, author
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VC
Variable Cost
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