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adverse supply shock (EO)<br />A change in a factor price, e.g. of energy Or labour, which reduces AGGREGATE SUPPLY at each price leveL In the short term, the macroeconomic consequences of a shock are an increase in the price level and a fall in output.
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<strong>WIA</strong> – Workforce Investment Act, a student financial aid program administered by the Missouri Department of Economic Development, formerly known as the Job Training and Partnership Act (JTPA).

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final demand (R2)<br />The demand for goods and services by the ultimate consumers, domestic and foreign households.
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Combination Acts (J5)<br />UK legislation of 1799 and 1800 which, like the Common Law, outlawed TRADE UNION membership and activities amounting to conspiracy. The repeal of these Acts in 1824 made possible the organization of labour in England.

primary employment (EO) see employment multiplier

allocative efficiency (M2)<br />The selection of factor inputs which minimises the cost of producing goods and services to satisfy given wants, subject to resource and technological constraints. This allocation includes efficiency of both production and distribution. Setting out the conditions for efficiency, including the appropriate set of prices, has been the COncern of WELFARE ECONOMICS. Recognition of the existence of !ND!VIS!BIL!TIES and EXTERNALITIES has necessitated departures from the approach of NEOCLASSICAL ECONOMICS.<br /><em>See also:</em> Pareto optimality
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European Co-operation Administration (FO, H1)<br />The US agency which administered MARSHALL AID to Europe, 1948-52.
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