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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 4: Production Possibilities | Unit 3: The Curve Page: 9 of 24

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

We can transform the schedule of production possibility numbers into a graph.
  • Each bundle can be represented by a point in two dimensional production possibilities space.
  • The two dimensions of the space are clock calibrators on the horizontal axis and jogging shoes on the vertical axis.
  • The horizontal axis is measured between 0 and 11 calibrators.
  • The vertical axis is measured between 0 and 500 jogging shoes.
  • The two axis are joined at the origin.
  • The plotted bundles form a semi-circle pattern.
  • If these were stars in the night sky we might name it the arc of production. But it's not, so we won't.

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AVERAGE PROPENSITY TO CONSUME

The proportion of household income that is used for consumption expenditures. The average propensity to consume (abbreviated APC) is really nothing more than average consumption. Together with the average propensity to save, it indicates how a given level of income is divided between consumption and saving. A related consumption measure is the marginal propensity to consume.

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APLS

BROWN PRAGMATOX
[What's This?]

Today, you are likely to spend a great deal of time wandering around the shopping mall trying to buy either several magazines on time travel or 500 feet of telephone cable. Be on the lookout for defective microphones.
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A communal society, a prime component of Karl Marx's communist philosophy, was advocated by the Greek philosophy Plato.
"No man, for any considerable time, can wear one face to himself and another to the multitude without finally getting bewildered as to which may be true."

-- Nathanial Hawthorne, Author

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