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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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CHANGE IN DEMAND A shift of the demand curve caused by a change in one of the demand determinants. A change in demand is caused by any factor affecting demand EXCEPT price. A related, but distinct, concept is a change in quantity demanded.
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WHITE GULLIBON
[What's This?]
Today, you are likely to spend a great deal of time strolling through a department store seeking to buy either a coffee cup commemorating the 1960 Presidential election or a how-to book on fixing your computer, with illustrations. Be on the lookout for door-to-door salesmen.
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This isn't me! What am I?
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It's estimated that the U.S. economy has about $20 million of counterfeit currency in circulation, less than 0.001 perecent of the total legal currency.
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"The majority of men meet with failure because of their lack of persistence in creating new plans to take the place of those that fail. " -- Napoleon Hill, author
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LPG
Liquid Petroleum Gas
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