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NATIONAL LABOR RELATIONS BOARD: A government body overseeing relations between unions and management -- the workers and their employers. It was established by the National Labor Relations Act in 1935, but was modified by the Labor-Management Relations Act in 1947. The National Labor Relations Board is the place to go should either unions or management suspect the other side is engaging in unfair labor practices.

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Lesson 2: Economic Science | Unit 5: Cause and Effect Page: 17 of 20

Topic: Purpose <=PAGE BACK | PAGE NEXT=>

The purpose of science is to identify the fundamental, basic laws of nature that guide our every moves.
  • The purpose of the scientific method is to explain the world by identifying cause and effect.
  • For every action there is a consequence. And for every consequence there is a cause.
The first step is to identify cause and effect links is correlation:

  • Correlation. If event A causes event B, then event A is correlated with event B. But, correlation does not mean causation. Two events can be correlated, without one causing the other. Note the fallacy of false cause.
  • Time Proximity. Event A and event B must happen at about the same time.
  • Time Sequence. Event A must precede event B. If event B occurs first, then it can't be caused by event A.

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ALTERNATIVE UNEMPLOYMENT RATES

The official unemployment rate estimated and reported monthly by the Bureau of Labor Statistics (BLS) using data from Current Population Survey is one of six alternative measures of unemployment tracked and reported by the BLS, officially labeled sequentially U1 through U6. The "official" unemployment rate is U3. The other five measures seek to document different ways in which labor can be under utilized, including unemployment duration, job losers, discouraged workers, marginal workers, and part-time workers.

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BLACK DISMALAPOD
[What's This?]

Today, you are likely to spend a great deal of time driving to a factory outlet hoping to buy either a genuine down-filled comforter or a 200-foot blue garden hose. Be on the lookout for spoiled cheese hiding under your bed hatching conspiracies against humanity.
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This isn't me! What am I?

The 1909 Lincoln penny was the first U.S. coin with the likeness of a U.S. President.
"The majority of men meet with failure because of their lack of persistence in creating new plans to take the place of those that fail. "

-- Napoleon Hill, author

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