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COLLECTIVE BARGAINING: The negotiation process between a union and the company that employs the union's members -- usually going by the moniker of management. The purpose of collective bargaining is to find mutual agreement on wages, fringe benefits, workhours, promotion criteria, grievance procedures, and everything else that has to do with employment. The end result of this process is a collective bargaining agreement, which is a formal contract between management and the union. A negotiation process that breaks down without reaching an agreement might lead to a strike, lockout, or mediation.
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AVERAGE REVENUE CURVE, MONOPOLY A curve that graphically represents the relation between average revenue received by a monopoly for selling its output and the quantity of output sold. Because average revenue is essentially the price of a good, the average revenue curve is also the demand curve for a monopoly's output.
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BEIGE MUNDORTLE
[What's This?]
Today, you are likely to spend a great deal of time lost in your local discount super center trying 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 malfunctioning pocket calculators.
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The average bank teller loses about $250 every year.
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"Time is the scarcest resource, and unless it is managed nothing else can be managed." -- Peter F. Drucker
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TFP
otal Factor Productivity
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