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TAFT-HARTLEY ACT: A Congressional act passed in 1947 that limited the power acquired by U.S. labor unions during the 1930 and into the 1940s. Officially known as the Labor-Management Relations Act, this outlawed unfair labor practices by labor unions to counterbalance earlier legislation that had outlawed unfair labor practices by firms. The Taft-Hartley Act also set up provisions to decertify unions, if members chose to do so, and allowed states to pass right-to-work laws, which would outlaw union shops.

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Lesson Contents
Unit 1: Instability
  • What It Is
  • Fluctuations
  • Unit 1 Summary
  • Unit 2: Extension
  • Instability
  • Self-Correction
  • Unit 2 Summary
  • Unit 3: Basic Shifts
  • AD Shifts
  • AD Increase: Long Run
  • AD Decrease: Long Run
  • AD Increase: Short Run
  • AD Decrease: Short Run
  • Unit 3 Summary
  • Unit 4: Complex Shifts
  • AD
  • AD Increase
  • AD Decrease
  • SRAS
  • SRAS Increase
  • SRAS Decrease
  • Unit 4 Summary
  • Unit 5: Synthesis
  • Business Cycles
  • Unit 5 Summary
  • Course Home
    Aggregate Shocks

    In this lesson we use the aggregate market model to analyze assorted disruptions that cause shifts of the aggregate demand, short-run aggregate supply, and long-run aggregate supply curves. The reason for doing this, of course, is to explain and understand macroeconomic activity, especially business cycle instability that causes inflation and unemployment.

    • The first unit of this lesson reviews the aggregate market and examines how it is affected macroeconomic instability.
    • In the second unit, we take and look at assorted demands on both the demand side and supply side of the aggregate market that cause shorts to the aggregate market.
    • We then move into an analysis of six basic shifts involving increases and decreases in the aggregate demand, short-run aggregate supply, and long-run aggregate supply curves.
    • The fourth unit builds on these six basic shifts to examine four complex shifts in which recessionary and inflationary gaps trigger self-correction adjustments of the short-run aggregate supply.
    • We close out this lesson in the fifth with a thought or two on how the aggregate market can be used to explain business cycle fluctuations.

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    FACTORS OF PRODUCTION

    Labor, capital, land, and entrepreneurship used by society to produce consumer satisfying goods and services. Factors of production are also termed resources or scarce resources.

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    APLS

    RED AGGRESSERINE
    [What's This?]

    Today, you are likely to spend a great deal of time at a flea market trying to buy either a 200-foot blue garden hose or a video camera with stop action features. Be on the lookout for letters from the Internal Revenue Service.
    Your Complete Scope

    This isn't me! What am I?

    The standard "debt" notation I.O.U. does not mean "I owe you," but actually stands for "I owe unto..."
    "When you play, play hard; when you work, don't play at all. "

    -- Theodore Roosevelt, 26th US president

    MP
    Marginal Product
    A PEDestrian's Guide
    Xtra Credit
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