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WAGNER ACT: An alternative title of the National Labor Relations Act passed in 1935, this modified and replaced the National Industrial Recovery Act that was declared unconstitutional earlier in the year. The Wagner Act was a major labor union promoting act under New Deal program of the Roosevelt administration The Wagner Act, also going by the acronym NLRA, 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 15: Aggregate Market | Unit 1: The Concept
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Page: 5 of 22
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The aggregate market is designed to explain the macroeconomy's price level and real production.- Aggregate demand is the relation between expenditures on real production and the price level.
- Aggregate supply is the relation between the supply of real production and the price level--short run and long run.
- The aggregate market identifies suitable values for the price level and real production that keep the aggregate economy--buyers and sellers--satisfied.
- The aggregate market helps us to analyze and understand the macroeconomy.
We are primarily concerned with the problems of inflation and unemployment.
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CAPTURE THEORY OF REGULATION The notion that a government agency established to regulate an industry for the benefit of society acts instead for the benefit of the industry. In effect, the government agency is "captured" by the industry it is regulating. The capture theory of regulation indicates that government regulator acts as the decision-making "head" of a now monopolized industry. This is achieved by a "rotating door" between the government agency and the industry, with members of the regulating agency being former and future employees of the industry. Rather than promoting efficiency, the regulating agency creates an inefficient allocation of resources.
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PINK FADFLY
[What's This?]
Today, you are likely to spend a great deal of time at a going out of business sale looking to buy either a T-shirt commemorating the 2000 Olympics or a genuine fake plastic Tiffany lamp. Be on the lookout for mail order catalogs with hidden messages.
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This isn't me! What am I?
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More money is spent on gardening than on any other hobby.
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"The greatest things ever done on Earth have been done little by little. " -- William Jennings Bryan
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CCAPM
Consumption-Based Capital Asset Pricing Model
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