West Coast Ports Strike Settlement

Section One: Economic Concept Discussed in Article

This article deals specifically with the settlement of the West Coast ports strike in the United States. Estimates were that the strike caused $1 billion damage to the United States economy for each day it continued. The settlement reached between the dock workers and the dock operators involved tradeoffs that satisfied the needs of both parties.

The principle economic concept discussed in the article was indifference. The tradeoffs allowed each party ù the dock workers and the dock operators ù to reach a point where the combination of the concessions they received and the concessions that had to make reached equilibrium at the point on the indifference curve where they could accept the settlement.

Section Two: Economic Theory Involved

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Approximate Word count = 686
Approximate Pages = 3 (250 words per page)

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