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RIGHT TO WORK: A law preventing employers from making union membership a condition of employment. In other words, your boss can't forced you to join a union if you don't want to. There are two sides to this argument. On the one hand, workers should have the freedom to join a union or not based on the benefit to had from the union and perhaps their philosophical orientation towards unions. On the other hand, unions gain their strength by representing workers. Its negotiating position is hurt if it represents only a fraction of the workers. Moreover, any benefits a union gets for workers are enjoyed by its members (who pay dues) as well as nonmembers (who don't pay dues).
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LAW OF COMPARATIVE ADVANTAGE A principle that states that every nation, worker, or production entity has a production activity that incurs a lower opportunity cost than that of another nation, worker, or production entity, which means that trade between the two can be beneficial to both if each specializes in the production of a good with lower relative opportunity cost. This law is most often studied in the confines of international trade, but it also applies to labor and other types of production.
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BLUE PLACIDOLA
[What's This?]
Today, you are likely to spend a great deal of time searching for rummage sales looking to buy either a replacement remote control for your television or a replacement nozzle for your shower. Be on the lookout for malfunctioning pocket calculators.
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This isn't me! What am I?
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Ragnar Frisch and Jan Tinbergen were the 1st Nobel Prize winners in Economics in 1969.
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"Success without honor is an unseasoned dish; it will satisfy your hunger, but it won't taste good. " -- Joe Paterno, Football coach
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CMB
Cash Management Bills
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