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UNFAIR LABOR PRACTICE: An activity on the part of employers to discourage legal labor union actions or on the part of labor unions to discourage legal nonunion employee actions. In the never ending battle between labor and management to gain the upper hand in the labor market each side has engaged in practices to thwart the power of the other side. Management commonly undertook what are now termed unfair labor practices in the early stages of the labor union movement to prevent unions from gaining power. Once unions gained power, however, then too engaged in unfair labor practices to keep and enhance that power. Unfair labor practices by management were largely outlawed by the National Labor Relations Act. Unfair labor practices by labor unions were largely outlawed by the Taft-Hartley Act.

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Lesson 17: Money | Unit 5: Scarcity Page: 24 of 25

Topic: Monetary Policy <=PAGE BACK | PAGE NEXT=>

The key to money is control, that is, monetary policy.

Money is not the root of evil, but it can cause problems:

  • Too much money, can cause inflation.
  • Too little money, can cause a recession.

Therefore:

  • Government is given regulatory responsibility over money. We don't let people print their own money.

However:

  • Government leaders could also use money control for personal reasons.
  • Ideologies play an important role.

The bottom line:

  • Money must be controlled. When they control money they achieve some goals and prevent others.

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MARGINAL REVENUE, PERFECT COMPETITION

The change in total revenue resulting from a change in the quantity of output sold. Marginal revenue indicates how much extra revenue a perfectly competitive firm receives for selling an extra unit of output. It is found by dividing the change in total revenue by the change in the quantity of output. Marginal revenue is the slope of the total revenue curve and is one of two revenue concepts derived from total revenue. The other is average revenue. To maximize profit, a perfectly competitive firm equates marginal revenue and marginal cost.

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BEIGE MUNDORTLE
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Today, you are likely to spend a great deal of time going from convenience store to convenience store hoping to buy either a replacement battery for your pocket calculator or a how-to book on home remodeling. Be on the lookout for strangers with large satchels of used undergarments.
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General Electric is the only stock from the original 1896 Dow Jones Industrial Average remaining in the current index.
"When I stand before God at the end of my life, I would hope that I would not have a single bit of talent left, and could say, I used everything you gave me."

-- Erma Bombeck, writer

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