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NLRA: The common abbreviation for the National Labor Relations Act, passed in 1935. This was a major labor union promoting act under New Deal program of the Roosevelt administration, which modified and replaced the National Industrial Recovery Act that was declared unconstitutional earlier in the year. Also known as the Wagner Act, it outlawed unfair labor practices by employers, such as the refusal by a firm to negotiate with a union representing a majority of its employees. It also established the National Labor Relations Board, which oversees labor activities.
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Lesson 13: Aggregate Demand | Unit 1: The Concept
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Page: 2 of 22
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Aggregate demand and the aggregate market are all about the flow of production through the product markets of the circular flow. The circular flow is the continuous flow of production, income, and resources between households and businesses. - Businesses acquire the services of productive factors through the factor markets
- Households acquire the resulting production from businesses through the product markets
- The aggregate market combines all of the individual markets for individual goods and services into a overall, comprehensive, complete, aggregate product market.
- This is the demand side of the aggregate market.
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LAW OF INCREASING OPPORTUNITY COST The proposition that opportunity cost, the value of foregone production, increases as the quantity of a good produced increases. This fundamental economic principles can be seen in the production possibilities schedule and is illustrated graphically through the slope of the production possibilities curve. It generates a distinctive convex shape, flat at the top and steep at the bottom.
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PINK FADFLY
[What's This?]
Today, you are likely to spend a great deal of time lost in your local discount super center wanting to buy either a weathervane with a chicken on top or a flower arrangement with daisies and carnations for your uncle. Be on the lookout for telephone calls from former employers.
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Okun's Law posits that the unemployment rate increases by 1% for every 2% gap between real GDP and full-employment real GDP.
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"Progress always involves risk. You can't steal second base and keep your foot on first. " -- Frederick B. Wilcox
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X-M
Net Exports
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