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AFL-CIO: The umbrella organization for many labor unions in the United States, with AFL standing for American Federation of Labor, and CIO the abbreviation of Congress of Industrial Organizations. The AFL-CIO began as just the AFL in 1886 as a collection of craft unions representing skilled workers. It expanded to include semiskilled and unskilled workers represented by industrial unions. Differing interests among the two groups lead to a division of the original AFL in 1938 into two separate groups -- the AFL containing craft unions and CIO containing industrial unions. This rift was closed in 1955, when the AFL and CIO merged to form the AFL-CIO.

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Lesson 12: Business Cycles | Unit 2: A Simple Cycle Page: 11 of 26

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  • A business cycle as the pattern of expanding and contracting economic activity relative to the long-run, full-employment trend.
  • A business cycle contraction, or recession, which is officially designated as at least six months of declining economic activity.
  • A business cycle trough, which is turning point between a contraction and an expansion.
  • A business cycle expansion, which is a period of increasing aggregate economic activity, and the early recovery part of an expansion.
  • A business cycle peak, which is the turning point between an expansion and a contraction.

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INTERCEPT, SAVING LINE

The intercept of the saving line indicates autonomous saving, saving that does not depend on the level of income or production. This can be thought of as the baseline level of saving that would be undertaken if income falls to zero. Autonomous saving is affected by the consumption expenditures determinants, which cause a change in the intercept and a shift of the saving line. The value of the intercept of the saving line is the negative of the value of the intercept of the consumption line.

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RED AGGRESSERINE
[What's This?]

Today, you are likely to spend a great deal of time wandering around the downtown area wanting to buy either a New York Yankees baseball cap or several magazines on home repairs. Be on the lookout for telephone calls from former employers.
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The Dow Jones family of stock market price indexes began with a simple average of 11 stock prices in 1884.
"The only thing that will stop you from fulfilling your dreams is you. "

-- Tom Bradley, former Los Angeles mayor

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