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NIRA: The common abbreviation for the National Industrial Recovery Act, which was one of the first acts passed under New Deal program the Roosevelt administration in 1933. The NIRA specifically allowed workers to organized into unions and to engage in collective bargaining without interference from firms. This act was declared unconstitutional in 1935, but while in force gave a big boost to labor unions and membership. The National Labor Relations Act was created in 1935 to replace the NIRA.

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Lesson 8: Market Shocks | Unit 3: Single Shifts Page: 12 of 20

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  • The four basic changes in the market caused by increases or decrease in demand or supply.
  • The six steps sequence to analyze any market shock: (1) a determinant changes, (2) a curve to shifts, (3) a shortage or a surplus occurs, (4) the price changes, (5) the quantities demanded and supplied change, and (6) the market imbalance is eliminated and equilibrium is restored.
  • That an increase in demand causes an increase quantity and an increase in price.
  • That a decrease in demand causes a decrease quantity and a decrease in price.
  • That an increase in supply causes an increase quantity and a decrease in price.
  • That a decrease in supply causes a decrease quantity and an increase in price.

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UNEMPLOYED PERSONS

People who are NOT actively engaged in the production of goods and services, but ARE actively seeking employment in the production of goods and services. This is one of three official categories used to classify individuals by the Bureau of Labor Statistics (BLS) based on information obtained from the Current Population Survey. The other two categories are employed persons and not in the labor force. The sum of employed persons and unemployed persons constitute the civilian labor force.

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Today, you are likely to spend a great deal of time looking for the new strip mall out on the highway wanting to buy either a graduation present for your niece or nephew or a toaster oven that has convection cooking. Be on the lookout for attractive cable television service repair people.
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Sixty percent of big-firm executives said the cover letter is as important or more important than the resume itself when you're looking for a new job
"When you play, play hard; when you work, don't play at all. "

-- Theodore Roosevelt, 26th US president

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