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December 11, 2018 

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OLIGOPOLY CHARACTERISTICS: The three most important characteristics of oligopoly are: (1) an industry dominated by a small number of large firms, (2) firms sell either identical or differentiated products, and (3) the industry has significant barriers to entry.

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NATIONAL LABOR RELATIONS ACT: A major labor union promoting act under New Deal program of the Roosevelt administration in 1935, it modified and replaced the National Industrial Recovery Act that was declared unconstitutional earlier in the year. Also known as the Wagner Act and frequently going by the acronym NLRA, it outlawed unfair labor practices by employers, such as the refusal by a firm to negotiate with a union representing a majority of its employees. It also established the National Labor Relations Board, which oversees labor activities.

     See also | labor union | National Industrial Recovery Act | collective bargaining | National Labor Relations Board | Norris-LaGuardia Act | open shop | union shop | closed shop | right to work | Taft-Hartley Act |


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SCIENTIFIC METHOD

A structured way of investigating and explaining the operation of the world by testing and verifying hypothesized relations. The scientific method is a process of discovery, a method of explaining the way the world operates. Positive economics is the application of the scientific method to economic analysis.

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BEIGE MUNDORTLE
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Today, you are likely to spend a great deal of time at a flea market hoping to buy either a pair of blue silicon oven mitts or a coffee cup commemorating the 2000 Olympics. Be on the lookout for slightly overweight pizza delivery guys.
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A communal society, a prime component of Karl Marx's communist philosophy, was advocated by the Greek philosophy Plato.
"There comes a time when the mind takes a higher plane of knowledge but can never prove how it got there. "

-- Albert Einstein, physicist

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