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April 21, 2018 

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TEAMSTERS UNION: The common name for the International Brotherhood of Teamsters, which is one of the largest labor unions in the United States, this was established in 1903 and represents truck drivers, chauffeurs, warehouse workers, and labor in related activities. Their name was taken from the teamsters of the 1800s who guided wagons pulled by teams of horses or other animals. Their modern day counterparts have replaced teams of horses with diesel engines, but their function remains much the same. The Teamsters Union was originally part of the AFL-CIO, but was expelled in 1957 due to corruption among union leaders. The Teamsters Union rejoined the AFL-CIO in 1987.

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INVOLUNTARY UNEMPLOYMENT: Unemployment that results when resources which are willing and able to engage in production are not because no one is buying the output they produce. From a macroeconomic perspective, involuntary unemployment results when aggregate demand is not sufficient to purchase all of the output produced by the resources. This is the primary problem of business-cycle contractions. The contrast to involuntary unemployment is voluntary unemployment.

     See also | unemployment | voluntary unemployment | business cycle | contraction | aggregate demand | cyclical unemployment | structural unemployment |


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CONTRACTION

A phase of the business cycle characterized by a general period of declining economic activity. A contraction is one of two basic business cycle phases. The other is expansion. The transition from contraction to expansion is termed a trough and the transition from expansion to contraction is termed a peak. The popular term for contraction, one that frequently shows up in the media, is recession.

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Today, you are likely to spend a great deal of time strolling around a discount warehouse buying club trying to buy either a pair of red and purple designer socks or a T-shirt commemorating Thor Heyerdahl's Pacific crossing aboard the Kon-Tiki. Be on the lookout for gnomes hiding in cypress trees.
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The wealthy industrialist, Andrew Carnegie, was once removed from a London tram because he lacked the money needed for the fare.
"Inside the ring or out, ain't nothing wrong with going down. It's staying down that's wrong. "

-- Muhammad Ali

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