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CLOSED SHOP: An employment arrangement, usually written into a collective bargaining agreement, in which a firm is allowed to hire only labor union members. Because this gives a labor union complete control over the labor services supplied to a particular firm, it was one of the earliest methods used by labor unions to monopolized a labor market. However, closed shops were outlawed by the Taft-Hartley Act passed in 1947 and has been largely supplanted by union shops.

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Lesson 17: Money | Unit 2: More About Money Page: 10 of 25

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  • The four functions of money:
    1. Medium of exchange: money makes it easier to buy, sell, produce, and consume goods and services.
    2. Measure of value: prices are stated in terms of the monetary unit.
    3. Store of value: value can be stored over time with money.
    4. Standard of deferred payment: future payments are also in terms of the monetary unit.
  • Using money as a medium of exchange eases the exchange process, makes it more efficient, and frees resources for production.
  • Using money as the unit for prices gives a measure for value, that is, how much value we place on a good.
  • Price inflation is the nemesis for the store of value function of money.
  • Money is used as a standard for buying now and paying later.
  • The four characteristics of money:
    1. Durable: It helps to retain value from one exchange to do the next and store value for future exchanges.
    2. Divisible: It lets us accurately match an amount of money to the precise value of a good.
    3. Transportable: It allows us to conduct exchanges far and wide, to go where we need to go for an exchange.
    4. Non-counterfeitable: It keeps the value of money from being diluted.

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The process of distributing resources for the production of goods and services which are then distributed for the satisfaction of wants and needs and human consumption. This is also commonly referred to by the single word "allocation." The resource allocation process is an essential part of an economy's effort to address the problem of scarcity

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Today, you are likely to spend a great deal of time wandering around the shopping mall seeking to buy either a travel case for you toothbrush or a looseleaf notebook binder. Be on the lookout for rusty deck screws.
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