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WAGNER ACT: An alternative title of the National Labor Relations Act passed in 1935, this modified and replaced the National Industrial Recovery Act that was declared unconstitutional earlier in the year. The Wagner Act was a major labor union promoting act under New Deal program of the Roosevelt administration The Wagner Act, also going by the acronym NLRA, outlawed unfair labor practices by employers, such as the refusal by a firm to negotiate with a union representing a majority of its employees. It also established the National Labor Relations Board, which oversees labor activities.

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Lesson 12: Business Cycles | Unit 1: Instability Page: 2 of 26

Topic: Business Cycles <=PAGE BACK | PAGE NEXT=>

Business cycles are irregular, nonperiodic fluctuations in aggregate economic activity. Life is good, then it's bad. It's a roller coaster ride.

For example, the Great Depression was the worst economic period in this century.

  • Unemployment reached 25%.
  • Total production declined by about 40%.
  • Investment declined by 90%.
During the 1920s, production was up, unemployment was down, life was good, then it got bad.
  • Although we use the term 'cycle', we don't know how long an expansion or a contraction will last. The economy might expand for a year or it might expand for a decade before it declines.

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ASSUMPTION

An initial condition or statement of a model or theory that sets the stage for an analysis by abstracting from the real world. Assumptions are important to economic analysis. Some assumptions are used to simplify a complex analysis into more easily manageable parts. Other assumptions are used as control conditions that are subsequently changed to evaluate the consequences.

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Today, you are likely to spend a great deal of time browsing about a thrift store trying to buy either a how-to book on wine tasting or a bookshelf that will fit in your closet. Be on the lookout for empty parking spaces that appear to be near the entrance to a store.
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The New York Stock Exchange was established by a group of investors in New York City in 1817 under a buttonwood tree at the end of a little road named Wall Street.
"Success is more a function of consistent common sense than it is of genius. "

-- An Wang, industrialist

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