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CIO: The abbreviation for the Congress of Industrial Organizations, which was originally a collection of industrial unions established due to a rift among AFL members in 1938, this is now one half of the umbrella organization for labor unions in the United States (the CIO part of AFL-CIO). Industrial unions included in the CIO, were originally part of the AFL. However, because the AFL primarily represented skilled workers in craft unions, a rift among AFL members developed in 1938, resulting in the creation of the CIO. This rift was closed in 1955, when both joined together to form the AFL-CIO, which is the primary advocate for workers and labor unions in the United States.

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Lesson 14: Aggregate Supply | Unit 2: Two Options Page: 7 of 20

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  • The differences between the long run and the short run aggregate supply, in terms of price flexibility and full employment.
  • How the long run is achieved when all prices are flexible, giving us full employment and equilibria in the product, financial, and resource markets.
  • How aggregate supply reacts in the long run to more or less demand for aggregate production to maintain full employment at alternative price levels.

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AUTONOMOUS SAVING

Household saving that does not depend on income or production (especially disposable income, national income, or even gross domestic product). That is, changes in income do not generate changes in saving. Autonomous saving is best thought of as a baseline level of saving (usually negative) that the household sector undertakes in the unlikely event that income falls to zero. It is measured by the intercept term of the saving function or the saving line. The alternative to autonomous saving is induced saving, which does depend on income.

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BROWN PRAGMATOX
[What's This?]

Today, you are likely to spend a great deal of time looking for the new strip mall out on the highway seeking to buy either a T-shirt commemorating next Thursday or a birthday gift for your uncle. Be on the lookout for letters from the Internal Revenue Service.
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This isn't me! What am I?

In his older years, Andrew Carnegie seldom carried money because he was offended by its sight and touch.
"When you play, play hard; when you work, don't play at all. "

-- Theodore Roosevelt, 26th US president

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