What Causes Shifts in the Supply Labor? The supply of labor is upward-sloping and adheres to the law of supply: The higher the price, the greater the quantity supplied and the lower the price, the less quantity supplied.  The supply curve models the tradeoff between supplying labor into the market or using time in leisure activities at every given p...

What is Backhaul? In the telecommunication industry, backhaul refers to the part of a satellite network that serves as an intermediate between the main network and the small networks used for distribution to other smaller channels.  The backhaul is the link between the network serving as the backbone for other networks and other sub-networks.  Also,...

What are the 7 Key Challenges of Crisis Leadership? The 7 Key Challenges of Crisis Leadership, proposed by Boin, 't Hart, and van Esch, is a framework consisting of the following:  SENSE MAKING: Diagnose confusing, contested and often fast-moving situations correctly, a necessary condition for effectively meeting the other challenges. MEANING MAKING...

What is the Lome Convention? This was an agreement by the European Community to provide aid and extend trade and tariff preferences to 62 African, Caribbean and Pacific (ACP) states. First held in 1975 at the capital of Togo, Lome, it was an agreement to increase foreign aid to about 71 countries by the European Community. This allows them to export...

What are the Tools for Macroeconomic Policy? National governments have two tools for influencing the macroeconomy. The first is monetary policy, which involves managing the money supply and interest rates.  The second is fiscal policy, which involves changes in government spending/purchases and taxes. Related Topics Macroeconomics Macroeconomic Fram...

What is Nominal Gross Domestic Product? Nominal gross domestic product otherwise called nominal GDP refers to the GDP of a country calculated at the current market prices. This means that all goods and services produced in a country at a particular time are evaluated at their current market prices. Measuring a country's GDP at the current market pri...

What is the CNN Effect? The CNN effect describes the influence that media outlets, especially CNN has on the government and economic policies. The CNN is at the center of the CNN effect, this media network runs a 24-hour news chain that has significant effects on political governance, business, economy, and others. The CNN coverage of crucial subjec...

What is the London Interbank Mean Rate? The London interbank mean rate refers to an interest rate used in the mid-market especially in the interbank markets of London. The rate is determined by calculating the average LIBOR and LIBID rate. The LIBID which refers to the London Interbank Bid Rate is the rate at which the banks that use eurocurrency ma...

What are State anti-discrimination laws? All states have statutes and regulations administered by state agencies to protect employees from employment discrimination. Often, these state laws will provide additional protections for employees beyond those provided by federal statutes. What is the role of state governments with regard to anti-discrimina...

What is the Appendix to my Business Plan? Material that adds to the business plan, but doesn't belong in the body. The appendices allow you to include valuable information to your business plan that does not fit neatly within the body of the plan. Generally, it is used to include exemplars of the material or information that is referenced within the...