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AFL: The abbreviation for the American Federation of Labor, which 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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FOREIGN TRADE: Exchange of goods and services between countries. The inclination for one country to trade with another is based in large part on the idea of comparative advantage--which says that any country, no matter how technologically disadvantaged it might be, can always find some sort of good that will let it enter the game of foreign trade. In this sense, foreign trade is just an extension of the production, exchange, and consumption that's a fundamental part of life. The only difference with foreign trade is that producers and consumers reside in separate countries. See also | foreign | comparative advantage | absolute advantage | production | consumption | exchange | efficiency | exchange rate | import | export | trade barriers | balance of trade | trading bloc |
Recommended Citation:FOREIGN TRADE, AmosWEB GLOSS*arama, http://www.AmosWEB.com, AmosWEB LLC, 2000-2018. [Accessed: October 16, 2018].
AmosWEB Encyclonomic WEB*pedia:Additional information on this term can be found at: WEB*pedia: foreign trade
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ECONOMY The system of production, distribution, and consumption of goods and services that a society uses to address the problem of scarcity.
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ORANGE REBELOON
[What's This?]
Today, you are likely to spend a great deal of time strolling around a discount warehouse buying club wanting to buy either a package of blank rewritable CDs or yellow cotton balls. Be on the lookout for the happiest person in the room.
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In 1914, Ford paid workers who were age 22 or older $5 per day -- double the average wage offered by other car factories.
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"Success is more a function of consistent common sense than it is of genius. " -- An Wang, industrialist
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GARCH
Generalized Autoregressive Conditional Heteroskedasticity
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