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 WAGNER ACT: An alternative title of the National Labor Relations Act passed in 1935, this modified and replaced the National Industrial Recovery Act that was declared unconstitutional earlier in the year. The Wagner Act was a major labor union promoting act under New Deal program of the Roosevelt administration The Wagner Act, also going by the acronym NLRA, outlawed unfair labor practices by employers, such as the refusal by a firm to negotiate with a union representing a majority of its employees. It also established the National Labor Relations Board, which oversees labor activities.
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 Lesson 9: Macro Basics | Unit 3: Business Cycles Page: 10 of 16

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

• Business cycles, which are recurring expansions and contractions of the aggregate economy.
• Expansions as general increases in economic activity and contractions as general decreases in economic activity.
• An expansion is associated with low or falling unemployment and high or rising inflation, and a contraction is associated with high or rising unemployment and low or falling inflation.
• Some business cycle causes: consumption, investment, government purchases and taxes, net exports, money, and resource supply considerations.

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TOTAL COST AND MARGINAL COST

A mathematical connection between marginal cost and total cost stating that marginal cost IS the slope of the total cost curve. This relation between total cost and marginal cost is also seen with total variable cost. The slope of the total variable cost curve is marginal cost, as well. The relation between total cost and marginal cost is but another in the long line of applications of the total-marginal relation.

 GREEN LOGIGUIN[What's This?] Today, you are likely to spend a great deal of time at a dollar discount store seeking to buy either a case of blank recordable DVDs or a pair of red goulashes with shiny buckles. Be on the lookout for slow moving vehicles with darkened windows.Your Complete Scope
 The portion of aggregate output U.S. citizens pay in taxes (30%) is less than the other six leading industrialized nations -- Britain, Canada, France, Germany, Italy, or Japan.
 "It takes generosity to discover the whole through others. If you realize you are only a violin, you can open yourself up to the world by playing your role in the concert. "-- Jacques Yves Cousteau, marine explorer
 HDIHuman Development Index
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