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TAFT-HARTLEY ACT: A Congressional act passed in 1947 that limited the power acquired by U.S. labor unions during the 1930 and into the 1940s. Officially known as the Labor-Management Relations Act, this outlawed unfair labor practices by labor unions to counterbalance earlier legislation that had outlawed unfair labor practices by firms. The Taft-Hartley Act also set up provisions to decertify unions, if members chose to do so, and allowed states to pass right-to-work laws, which would outlaw union shops.

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Lesson 9: Macro Basics | Unit 3: Business Cycles Page: 9 of 16

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

To understand business cycles, we need the causes:
  1. Consumption: If households decide to buy more or less, the rest of the economy follows suit.
  2. Capital Investment: Big swings can set in motion upward or downward spirals of total production.
  3. Government Purchases and Taxes: Government purchases can be contractionary or expansionary effect over the economy. Taxes affect the ability of the household and business sectors to buy production.
  4. Net Exports: Changes in exports can trigger expansions and contractions of the domestic economy.
  5. Circulating Money: Too much money can trigger and inflationary expansion, too little money can trigger contraction and unemployment.
  6. Resource Supply Considerations: Resource supply changes (energy prices, technology, wages, etc.) can trigger expansions and contractions.

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INSURANCE

A service that transfers the risk of loss from an individual to a larger group. The larger group is typically represented by an insurance provider, either a private for-profit company or a government agency. The insurance provider can assume the risk through risk pooling. Risk averse people, who are willing to pay a premium to avoid risk, are the ones most inclined to purchase insurance. The risk averse individual agrees to incur a small guaranteed loss (the premium) but avoids incurring a less likely, but much bigger, loss.

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APLS

RED AGGRESSERINE
[What's This?]

Today, you are likely to spend a great deal of time at a garage sale wanting to buy either a small palm tree that will fit on your coffee table or several magazines on fashion design. Be on the lookout for fairy dust that tastes like salt.
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This isn't me! What am I?

A communal society, a prime component of Karl Marx's communist philosophy, was advocated by the Greek philosophy Plato.
"Good humor is a tonic for mind and body. It is the best antidote for anxiety and depression. It is a business asset. It attracts and keeps friends. It lightens human burdens. It is the direct route to serenity and contentment."

-- Grenville Kleiser, Author

NEDC
National Economic Development Council
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