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AMERICAN FEDERATION OF LABOR: Started as a collection of craft unions in 1886, this is now one half of the umbrella organization for labor unions in the United States (the AFL part of AFL-CIO). As a collection of craft unions, the AFL primarily represented skilled workers in particular occupations. However, it also contained unions representing unskilled industrial workers, which led to a rift among AFL members in 1938 and spawned the formation of the Congress of Industrial Organizations (CIO). This rift was closed in 1955, when both joined together to form the AFL-CIO, which is the primary advocate for workers and labor unions in the United States.

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Lesson 2: Economic Science | Unit 2: Theory Page: 8 of 20

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  • That the best scientific theory is one that offers a universal explanation of the real world.
  • How scientific theories are comprised of verified principles and unverified axioms or beliefs that constitute a world view.
  • That the world view of many theories is also intertwined with a political philosophy.
  • The inherent need for abstraction in the development of scientific theories.
  • Three common forms of abstraction--words, graphs, and equations.
  • An introduction of three economic theories--markets, aggregate markets, and Keynesian economics.

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AGGREGATE EXPENDITURES

The total expenditures on gross domestic product undertaken in a given time period by the four sectors--household, business, government, and foreign. Expenditures made by each of these sectors are commonly termed consumption expenditures, investment expenditures, government purchases, and net exports. Aggregate expenditures (AE) are a cornerstone in the study of macroeconomics, playing critical roles in Keynesian economics, aggregate market analysis, and to a lesser degree, monetarism. In particular, aggregate expenditures are combined with the price level as aggregate demand.

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APLS

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Today, you are likely to spend a great deal of time strolling through a department store looking to buy either a brown leather attache case or car battery jumper cables. Be on the lookout for door-to-door salesmen.
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The first paper notes printed in the United States were in denominations of 1 cent, 5 cents, 25 cents, and 50 cents.
"The greatest barrier to success is the fear of failure."

-- Sven Goran Eriksson, writer

EJ
Economic Journal
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