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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 16: Aggregate Shocks | Unit 1: Instability
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Page: 2 of 21
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Our goal is to explain business cycle fluctuations.- The real GDP path the economy would take with long-run equilibrium--at full employment--is the straight, green upward-sloping line.
- The actual real GDP path, the jagged red line, tends to be less smooth.
- The business cycle is the movement above and below the long-run trend.
- When the actual is below the long-run equilibrium line, we get unemployment.
- When the actual is above the long-run equilibrium line, we get inflation.
- Ceteris paribus factors are what create fluctuations away from the long-run trend.
- Aggregate demand determinants are the main cause.
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FIRST-DEGREE PRICE DISCRIMINATION A form of price discrimination in which a seller charges the highest price that buyers are willing and able to pay for each quantity of output sold. This is also termed perfect price discrimination because the seller is able to extract ALL consumer surplus from the buyers. This is one of three price discrimination degrees. The others are second-degree price discrimination and third-degree price discrimination.
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BLACK DISMALAPOD
[What's This?]
Today, you are likely to spend a great deal of time browsing about a thrift store looking to buy either an ink cartridge for your printer or a rechargeable battery for your camera. Be on the lookout for telephone calls from long-lost relatives.
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Junk bonds are so called because they have a better than 50% chance of default, carrying a Standard & Poor's rating of CC or lower.
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"We succeed in enterprises (that) demand the positive qualities we possess, but we excel in those (that) can also make use of our defects." -- Alexis de Tocqueville, Statesman
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R&D
Research and Development
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