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UNITED MINE WORKERS UNION: A labor union representing the interests of workers engaged in mineral extraction, especially coal. The United Mine Workers Union has been one of the more prominent unions involved in the labor union movement. It is also notable as being the first national industrial union established in the United States, when it was formed in 1890. Prior to that time all national unions were craft unions representing workers with specific skills or in specific occupations. The United Mine Workers Union representing all workers employed by mining companies regardless of skills or occupations.

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Lesson 17: Money | Unit 3: Monetary Aggregates Page: 16 of 25

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  • The concept and definition of M1, which is the sum of currency and coins held by the non-bank public, and checkable deposits.
  • That credit cards are not part of M1, they are not money.
  • That M2 is a broader measure of money that includes M1 plus what we can call near money, that is, temporary savings, a pool of funds that can be accessed quickly and easily.
  • That near monies are savings and that there are several different types of savings: standard savings accounts, certificates of deposit (CDs), money market funds, overnight Eurodollars and overnight repurchase agreements.
  • M3 is equal to M2 plus other near monies which include larger denomination certificates of deposit and longer-term repurchase agreements.
  • Liquid assets L, are the economy's total financial assets that can be converted to M1.

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ABSOLUTE ADVANTAGE

The general ability to produce more goods or services using fewer resources. A person or country has an absolute advantage in production largely due to superior technology or greater technical efficiency. A related, but contrasting concept is comparative advantage. Both terms are perhaps most important to the study of international trade, but also provide insight into other exchanges.

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BEIGE MUNDORTLE
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Today, you are likely to spend a great deal of time searching for a specialty store wanting to buy either a remote controlled sports car with an air spoiler or semi-gloss photo paper that works with your neighbor's printer. Be on the lookout for spoiled cheese hiding under your bed hatching conspiracies against humanity.
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Much of the $15 million used by the United States to finance the Louisiana Purchase from France was borrowed from European banks.
"You are never given a dream without also being given the power to make it true."

-- Richard Bach, Author

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