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NORRIS-LAGUARDIA ACT: A Congressional act passed in 1932 that outlawed the use of yellow-dog contracts by employers and made it more difficult for firms to use legal injunctions against labor unions. This act strengthened labor related provisions of the Clayton Act and foreshadowed the more favorable attitude toward labor unions under the ensuing Roosevelt administration.

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Lesson 22: Factor Supply | Unit 1: Background Page: 6 of 25

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In this unit, you should have learned about:
  • The notion of factor supply, which involves the quantity of productive resources that are offered for sale at different factor prices.
  • The four basic factor payments -- wage, interest, rent, and profit -- used to compensate factors of production for their productive services.
  • The four basic factors of production that are supplied by their owners -- labor, capital, land, and entrepreneurship.
  • Factor markets, which combine factor supply and factor demand.
  • That factor markets are used to exchange the services of the four resources.
  • The role factor markets play in the overall economy as seen through the circular flow.


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SERVICES, CONSUMPTION

Personal consumption expenditures on activities that provide direct satisfaction of wants and needs without the production of tangible goods. Common examples are information, entertainment, and education. This is one of three categories of personal consumption expenditures in the National Income and Product Accounts maintained by the Bureau of Economic Analysis. The other two are durable goods and nondurable goods. Services are about 60 percent of personal consumption expenditures and 40 percent of gross domestic product.

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BLUE PLACIDOLA
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Today, you are likely to spend a great deal of time driving to a factory outlet looking to buy either a flower arrangement in a coffee cup for your father or a how-to book on meeting people. Be on the lookout for bottles of barbeque sauce that act TOO innocent.
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This isn't me! What am I?

The average length of a "business lunch" is about 36 minutes.
"It is very rare that you meet with obstacles in this world (that) the humblest man has not the faculties to surmount. "

-- Henry David Thoreau, philosopher

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Tokyo International Financial Futures Exchange (Japan)
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