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YELLOW-DOG CONTRACT: An agreement signed by workers before they are hired, stipulating that they would not join a union after they are hired. This contract was commonly used by firms in the late 1800s and early 1900s to limit labor union membership and thus to prevent unions from exerting control over the labor market. Yellow-dog contracts were outlawed by the Norris-LaGuardia Act in 1932.

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Lesson 4: Production Possibilities | Unit 1: Getting Started Page: 4 of 24

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  • The basic production possibilities analysis.
  • How the production possibilities analysis can be used to (a) help answer the "What?" question of allocation, (b) understand basic macroeconomic concepts, and (c) work with graphical analysis.
  • The four assumptions of production possibilities analysis-two goods, fixed resources, fixed technology, and technical efficiency.
  • The limitations of production possibilities analysis-it tells us what is possible, not what is best.

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A record of the assets, liabilities, and net worth of a bank at a given point in time. Assets are what a bank owns. Liabilities are what a bank owes. Net worth is the difference between the two and what is claimed by or owed to the owners of the bank. By definition, a balance sheet must balance. The assets on one side are equal to the liabilities and net worth on the other.

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Today, you are likely to spend a great deal of time at a garage sale hoping to buy either a set of steel-belted radial snow tires or a wall poster commemorating the 2000 Presidential election. Be on the lookout for attractive cable television service repair people.
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Mark Twain said "I wonder how much it would take to buy soap buble if there was only one in the world."
"It is not the straining for great things that is most effective; it is the doing of the little things, the common duties, a little better and better."

-- Elizabeth Stuart Phelps, Writer

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