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PICKET LINE: This is the traditional method of demonstrating that a labor union is on strike against an employer, whereby union members carry picket signs and walk in a line in front of the employers plant, factory, or place of business. The pickets carried by the striking workers contain messages documenting their striking status and some of their grievances with the employer. The act of walking in an orderly fashion means that they are not engaged in other activities that might be illegal. Crossing the "picket line" is symbolic of attempts to break a streak and to disagree with the goals of the striking workers.

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Lesson 15: Aggregate Market | Unit 5: Policy Preview Page: 22 of 22

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  • A preview of how the aggregate market is used to analyze government policies.
  • The two alternatives for closing recessionary and inflationary gaps--(1) self correction based on shifts of the automatic SRAS and (2) government policies that induce shifts in the AD, SRAS, and LRAS curves.
  • Questions about the time it takes for the economy to adjust from the short run to the long run.

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PLASTIC MONEY

A slang phrase for credit cards, especially when such cards used to make purchases. The "plastic" portion of this term refers to the plastic construction of credit cards, as opposed to paper and metal of currency. The "money" portion is an erroneous reference to credit cards as a form of money, which they are not. Although credit cards do facilitate transactions, because they are a liability rather than an asset, they are not money and not part of the economy's money supply.

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PURPLE SMARPHIN
[What's This?]

Today, you are likely to spend a great deal of time strolling through a department store trying to buy either a travel case for you toothbrush or a looseleaf notebook binder. Be on the lookout for telephone calls from long-lost relatives.
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This isn't me! What am I?

A communal society, a prime component of Karl Marx's communist philosophy, was advocated by the Greek philosophy Plato.
"Inside the ring or out, ain't nothing wrong with going down. It's staying down that's wrong. "

-- Muhammad Ali

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Weighted Least Squares
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