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UNION SHOP: An employment arrangement, usually written into a collective bargaining agreement, in which a firm is free to hire both union and nonunion employees, with the stipulation that workers must join the union once hired. Union shops became a popular method of gaining control over the labor services when closed shops were outlawed by the Taft-Hartley Act passed in 1947. Those states with right-to-work laws effectively outlaw union shops. The alternative to a union shop is an open shop.

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Lesson 17: Money | Unit 2: More About Money Page: 8 of 25

Topic: Standard of Deferred Payment <=PAGE BACK | PAGE NEXT=>

Money is used as a standard of deferred payment, buying now and paying later.
  • A car loan: Borrow money to buy a car today, then pay off the loan with deferred payments into the future.
  • Money as a standard of deferred payment is a direct consequence of the unit of account and store of value functions of money.
  • Money is the standard for current prices and future payments based on those prices.
  • For money to function as a deferred payment, it must retain value.
  • The key to storing value in money is price inflation.
  • Deferred payments need to anticipate future money values based on future inflation.
  • The inflation adjustment is accomplished by through interest rates.

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INFLATION PROBLEMS

Two notable problems are associated with inflation--uncertainty and haphazard redistribution. Inflation, especially inflation that varies from month to month and year to year, makes long-term planning quite difficult. Prices, wages, taxes, interest rates, and other nominal values that enter into consumer, business, and government planning decisions can be significantly affected by inflation. Moreover, inflation tends to redistribute income and wealth in a haphazard manner--some people win and some people lose. This redistribution might not be that desired by society, failing to promote any of the basic economic goals of efficiency, equity, stability, growth, or full-employment.

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Today, you are likely to spend a great deal of time calling an endless list of 800 numbers looking to buy either a remote controlled World War I bi-plane or a wall poster commemorating Thor Heyerdahl's Pacific crossing aboard the Kon-Tiki. Be on the lookout for telephone calls from former employers.
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The standard "debt" notation I.O.U. does not mean "I owe you," but actually stands for "I owe unto..."
"The roots of education are bitter, but the fruit is sweet."

-- Aristotle, philosopher

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