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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 9: Macro Basics | Unit 2: Macro Problems Page: 6 of 16

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

Inflation is a stability problem that typically results because the four macro sectors of the economy demand more goods that the economy can produce.

Inflation problems:

  • Future prices become increasingly uncertain.
  • Financial assets like money, bank accounts, stocks and bonds decrease in value with higher prices.
  • Income and wealth are haphazardly redistributed because prices change at different rates.
  • Hyperinflation can reduce production because money becomes almost worthless and people revert to barter exchanges.

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INVESTMENT BUSINESS CYCLES

The notion that business cycles are caused by changes in business sector investment expenditures triggered by the natural ebb and flow of market conditions. This investment explanation of business-cycle instability rests on the proposition that the seeds of each subsequent business-cycle phase are planted during the current phase. An expansion creates the conditions that cause a contraction and a contraction creates the conditions that cause an expansion. This explanation suggests a critical role for government intervention and stabilization policies to correct the business-cycle problems of inflation and unemployment.

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Today, you are likely to spend a great deal of time strolling through a department store seeking to buy either a cell phone case or a pair of designer sunglasses. Be on the lookout for a thesaurus filled with typos.
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Ragnar Frisch and Jan Tinbergen were the 1st Nobel Prize winners in Economics in 1969.
"The past cannot be changed. The future is yet in your power. "

-- Hugh White, U.S. Senator

DRR
Discounted Rate of Return
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