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LABOR-MANAGEMENT RELATIONS ACT: A Congressional act passed in 1947 that limited the power acquired by U.S. labor unions during the 1930 and into the 1940s. More commonly known as the Taft-Hartley 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 14: Aggregate Supply | Unit 4: Determinants Page: 17 of 20

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  • The rather stable, passive nature of the supply side of the aggregate market--at least when compared to the demand side.
  • How aggregate supply determinants shift the LRAS and SRAS curves, with an increase in aggregate supply moving rightward and a decrease moving leftward.
  • How the LRAS curve shifts from changes in full employment production resulting from changes in the quantity or quality of scarce resources.
  • Some of the ways that quantities of labor, capital, land, and entrepreneurship can change.
  • How resource quality is primarily changed through technology and education.
  • Production cost--especially things like wages and oil prices--as the primary determinant of the SRAS curve.

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NET DOMESTIC PRODUCT

The total market value of all final goods and services produced within the political boundaries of an economy during a given period of time, usually a year, after adjusting for the depreciation of capital. Net domestic product, usually abbreviated NDP, is one of five key National Income and Product Accounts measures reported regularly (every three months) by the Bureau of Economic Analysis. The other four measures are gross domestic product, national income, personal income, and disposable income. Net domestic product has largely replaced a comparable term, net national production.

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Today, you are likely to spend a great deal of time waiting for visits from door-to-door solicitors looking to buy either a handcrafted bird feeder or a New York Yankees baseball cap. Be on the lookout for slightly overweight pizza delivery guys.
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Mark Twain said "I wonder how much it would take to buy soap buble if there was only one in the world."
"When you play, play hard; when you work, don't play at all. "

-- Theodore Roosevelt, 26th US president

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