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LABOR AGREEMENT: A formal, official, legal contract between a firm and the labor union representing the firm's employees. Such an agreement stipulates the various aspects of employment, including wages, fringe benefits, vacations, layoffs, promotions, and grievance procedures. The terms of the agreement are generally negotiated through the collective bargaining process. Should the collective bargaining process breakdown, the terms of the labor agreement might be helped along through a third-party mediator. If this doesn't help, then the labor union might call a strike or the firm might impose a lockout. Once in effect, any questions about the terms of the agreement are often subject to arbitration.
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PREFERENCES CHANGE, UTILITY ANALYSIS A disruption of consumer equilibrium identified with utility analysis caused by changes in the preferences for a good, which likely results in a change in the quantities of the goods consumed. The change in preferences alters the marginal utility-price ratio and forces a reevaluation of the rule of consumer equilibrium.
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The portion of aggregate output U.S. citizens pay in taxes (30%) is less than the other six leading industrialized nations -- Britain, Canada, France, Germany, Italy, or Japan.
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"Expect people to be better than they are; it helps them to become better. But don't be disappointed when they're not; it helps them to keep trying." -- Merry Browne, Author
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ASX
Australian Stock Exchange
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