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UNION SHOP: An employment arrangement, usually written into a collective bargaining agreement, in which a firm is free to hire both union and nonunion employees, with the stipulation that workers must join the union once hired. Union shops became a popular method of gaining control over the labor services when closed shops were outlawed by the Taft-Hartley Act passed in 1947. Those states with right-to-work laws effectively outlaw union shops. The alternative to a union shop is an open shop.

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Lesson 21: Factor Demand | Unit 3: The Curve Page: 14 of 24

Topic: The Hiring Decision <=PAGE BACK | PAGE NEXT=>

  • The number of workers the firm is willing to hire for production depends on the marginal revenue product of the workers.

  • In particular, the firm compares the wage or price paid each worker with the marginal revenue product generated by the worker.

  • It will seek to employ workers up to the quantity in which marginal revenue product is at least as much as the wage.

  • The story seems quite clear: If the wage the firm pays workers is $20 per hour, then it will hire only 6 employees.

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NEAR MONIES

Relatively liquid financial assets that are not used as the medium of exchange, but which can be quickly and easily converted to money with little or no loss of value. One group of near monies, best thought of as household savings, are added to M1 to obtain M2 and another group of near monies, best thought of as short-term institutional investments, are added to M2 to obtain M3.

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BEIGE MUNDORTLE
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Today, you are likely to spend a great deal of time wandering around the shopping mall seeking to buy either a pair of designer sunglasses or looseleaf notebook paper. Be on the lookout for empty parking spaces that appear to be near the entrance to a store.
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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.
"A pint of sweat saves a gallon of blood. "

-- General George Patton

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Employment
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