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AFL-CIO: The umbrella organization for many labor unions in the United States, with AFL standing for American Federation of Labor, and CIO the abbreviation of Congress of Industrial Organizations. The AFL-CIO began as just the AFL in 1886 as a collection of craft unions representing skilled workers. It expanded to include semiskilled and unskilled workers represented by industrial unions. Differing interests among the two groups lead to a division of the original AFL in 1938 into two separate groups -- the AFL containing craft unions and CIO containing industrial unions. This rift was closed in 1955, when the AFL and CIO merged to form the AFL-CIO.

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NORTH AMERICAN FREE TRADE AGREEMENT: A economic, international trade treaty between the three nations that occupy the North American continent -- Canada, Mexico, and the United States -- that was launch in 1994. The North American Free Trade Agreement, commonly termed NAFTA, is designed to eliminate assorted trade barriers between Canada, Mexico, and the United States, including the reduction or elimination of many tariffs and nontariff barriers. While economic theory clearly indicates efficiency is enhanced by the reduction and elimination trade restrictions, NAFTA has been strongly opposed by those potentially harmed by more efficient trade, especially labor unions. However, NAFTA is merely one of several international trade agreements created over the years to reduce trade restrictions. Others include the General Agreement on Tariffs and Trade and the Maastricht Treaty.

     See also | international trade | foreign trade | tariff | nontariff barrier | labor union | trading bloc | General Agreement on Tariffs and Trade | Maastricht Treaty | common market | customs union | economic union | free-trade area | World Trade Organization |


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BUYERS' MARKET

A disequilibrium condition in a competitive market that has a surplus or excess supply. Because the quantity supplied is greater than the quantity demanded, buyers have the "upper hand" when negotiating. A market surplus also goes by the more common term of buyers' market. The alternative to a buyers' market is a sellers' market, which has a shortage or excess demand.

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Today, you are likely to spend a great deal of time watching the shopping channel trying to buy either clothing for your pet iguana or a set of hubcaps. Be on the lookout for pencil sharpeners with an attitude.
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The 22.6% decline in stock prices on October 19, 1987 was larger than the infamous 12.8% decline on October 29, 1929.
"He who has a „why¾ to live can bear with almost any „how.""

-- Friedrich Nietzsche, Philosopher

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