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LABOR AGREEMENT: A formal, official, legal contract between a firm and the labor union representing the firm's employees. Such an agreement stipulates the various aspects of employment, including wages, fringe benefits, vacations, layoffs, promotions, and grievance procedures. The terms of the agreement are generally negotiated through the collective bargaining process. Should the collective bargaining process breakdown, the terms of the labor agreement might be helped along through a third-party mediator. If this doesn't help, then the labor union might call a strike or the firm might impose a lockout. Once in effect, any questions about the terms of the agreement are often subject to arbitration.
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                           UNEMPLOYMENT, PRODUCTION POSSIBILITIES: Unemployment is the condition that exists when some available resources are NOT engaged in the production of goods and services. In other words, some resources that could be used for production are not being used. This is indicated in production possibilities analysis by producing a combination of goods that places the economy inside the production possibilities curve. Production possibilities, which analyzes the alternative combinations of two goods that an economy can produce with given resources and technology, indicates unemployment when production is inside the production possibilities curve. Unemployment means resources that could be used for production are not being used. And when some resources are not being used for production, the economy does not reach the production possibilities curve--the curve that corresponds to full employment. In particular, unemployment results from any point INSIDE the production possibilities curve. To illustrate this, use the mouse arrow to point out unemployment as all points, including L, that lie INSIDE this curve for the production of crab puffs and storage sheds. However, you might also note that points D and J on the boundary of the production possibilities curve achieve full employment. In addition, note that point M is not attainable with existing resources and technology.
 Recommended Citation:UNEMPLOYMENT, PRODUCTION POSSIBILITIES, AmosWEB Encyclonomic WEB*pedia, http://www.AmosWEB.com, AmosWEB LLC, 2000-2025. [Accessed: February 6, 2025]. Check Out These Related Terms... | | | | | | | | | Or For A Little Background... | | | | | | | | And For Further Study... | | | | | | | | | | | | | | Related Websites (Will Open in New Window)... | | | | | | | | | | | | | | |
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WHITE GULLIBON [What's This?]
Today, you are likely to spend a great deal of time browsing about a thrift store trying to buy either a wall poster commemorating the first day of winter or blue cotton balls. Be on the lookout for strangers with large satchels of used undergarments. Your Complete Scope
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Much of the $15 million used by the United States to finance the Louisiana Purchase from France was borrowed from European banks.
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"Argue for your limitations, and sure enough, they're yours." -- Richard Bach
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CABEI Central American Bank for Economic Integration
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