A market is said to be in equilibrium if the supply and demand curve intersects.
<u>Explanation</u>:
A supply of a certain product meets the demand of that product i.e., if the "supply" and "demand" of the product is equal, then the market is at "equilibrium". The price corresponding to it is then called a market-clearing price or equilibrium price whereas the quantity is known as the equilibrium quantity. But this comes with two conditions of surplus and shortage when there is a change in the supply and demand curve. So, a market to be at equilibrium having an equilibrium price, it is always important that the supply meets the demand.
Answer:
The tactic used by unions where workers refuse to work until their demands are met is called a strike.
Explanation:
A large union might call a strike in order to leverage better working conditions for union members, like a teachers' strike or air traffic controllers' strike. Organizations might also call a general strike when many union and nonunion people might decide to forego work and other activities in support of a change or to protest an issue. One of the largest historical examples in the United States is the Pullman Strike, which took place in 1894. From May to July of that year some 250,000-factory workers walked off the job at the Pullman Palace Car Company in Chicago to protest long workdays and reduced wages. The American Railway Union joined forces with the strikers and refused to work on or run any trains that were transporting Pullman products.
In the mid-1800s, the country was divided into 3 sections: North, South, and West. The North's economy was dominated by manufacturing and industry. The South's economy was primarily agriculture with a heavy focus on growing cash crops like cotton, tobacco, rice, and indigo. The West's economy was a mixture of manufacturing and agriculture. The different economies would drive wedges between the different sections and result in different societies and values.
Marshall Plan
The "Marshall Plan" was named after the man who then was US Secretary of State, George C. Marshall. Officially the plan was called the European Recovery Program. Marshall announced the plan in 1947, and it went into effect in 1948. The intent was to provide aid and rebuilding to European economies after the damaging effects of World War II. The US intended to build up its allies in Europe and stave off communism.
God had created a rational universe that could only be understood through reason.
