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INDUSTRIAL UNION: A labor union composed of workers in the same industry, often for several different firms, but no necessarily in the same occupation. Common examples of industrial unions represent workers in the automobile, steel, and textile industries. Industrial unions generally exert market control by establishing minimum wages paid to their members. The Congress of Industrial Organizations (CIO) began as a collection of industrial unions.
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MANAGERIAL BEHAVIOR A preference for maintaining the status quo over changing it based on relatively greater satisfaction generated by redundant information over novel information. Managerial behavior is well suited for keeping an existing business and complex organizations running smoothly and efficiently. This behavior is inclined to manage, to administer, and to apply existing rules and procedures. An alternative is entrepreneurial behavior, which is a preference for changing the status quo over maintaining it.
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Today, you are likely to spend a great deal of time strolling around a discount warehouse buying club trying to buy either an ink cartridge for your printer or a rechargeable battery for your camera. Be on the lookout for malfunctioning pocket calculators.
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Ragnar Frisch and Jan Tinbergen were the 1st Nobel Prize winners in Economics in 1969.
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"The tragedy of life is not so much what men suffer, but rather what they miss. " -- Thomas Carlyle, Historian
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