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NATIONAL LABOR RELATIONS ACT: A major labor union promoting act under New Deal program of the Roosevelt administration in 1935, it modified and replaced the National Industrial Recovery Act that was declared unconstitutional earlier in the year. Also known as the Wagner Act and frequently going by the acronym NLRA, 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 9: Macro Basics | Unit 2: Macro Problems
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Page: 7 of 16
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- The three major goals of the macroeconomy: full employment, stability and growth, and the limitations to achieve them.
- The three major macroeconomic problems of not reaching the macro goals: production, unemployment and inflation.
- Difficulties in the production of goods and services that result from the demand and supply sides of the economy.
- The problems of unemployment : lost production and personal hardships.
- The problems of inflation: uncertainty, decline value of financial assets, haphazard income and wealth redistribution, and hyperinflation and reduced production.
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FEDERAL RESERVE DISTRICT BANKS The 12 government banking institutions that form the core of the U.S. Federal Reserve System and are largely responsible for supervising, regulating, and interacting with commercial banks and carrying out the policies established by the Federal Reserve Board of Governors. Federal Reserve Banks are often termed bankers' banks in that they provide banking services to commercial banks. The 12 District Banks are supported in their activities by 25 Branch Banks.
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PINK FADFLY
[What's This?]
Today, you are likely to spend a great deal of time waiting for visits from door-to-door solicitors looking to buy either an ink cartridge for your printer or a rechargeable battery for your camera. Be on the lookout for door-to-door salesmen.
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Okun's Law posits that the unemployment rate increases by 1% for every 2% gap between real GDP and full-employment real GDP.
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"Be civil to all; sociable to many; familiar with few; friend to one; enemy to none. " -- Benjamin Franklin, statesman
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FOMC
Federal Open Market Committee
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