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LABOR UNION MOVEMENT: Activities on the part of workers in the United States, beginning in the mid-1800s and extending into the mid-1900s, to establish labor unions and otherwise promote the interests of workers. This movement, which coincided with the onset of the U.S. industrial revolution, was launched with the Commonwealth versus Hunt court decision in 1842 which made it legal to join a labor union. The labor union movement had a turbulent and violent history as organized labor sought to gain greater control over labor market activities. The movement reached its peak in the 1950s, with just under 30% of the labor force belonging to labor unions.

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Lesson 16: Aggregate Shocks | Unit 3: Basic Shifts Page: 12 of 21

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  • How increases in aggregate demand in the long run affect only the price level, not real production which remains at full employment.
  • How increases in aggregate demand in the short run affect both the price level and the level of real production which may be below or above the full employment level.

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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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ORANGE REBELOON
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Today, you are likely to spend a great deal of time waiting for visits from door-to-door solicitors hoping to buy either one of those memory foam pillows or a remote controlled train set. Be on the lookout for broken fingernail clippers.
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Three-forths of the gold mined each year is used to manufacture jewelry.
"Always remember that striving and struggle precede success, even in the dictionary. "

-- Sarah Ban Breathnach, writer

M3
M2 plus investment types of near monies, including large denomination certificates of deposits, institutional money market deposits, and longer term repurchase agreements and Eurodollars
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