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LABOR AGREEMENT: A formal, official, legal contract between a firm and the labor union representing the firm's employees. Such an agreement stipulates the various aspects of employment, including wages, fringe benefits, vacations, layoffs, promotions, and grievance procedures. The terms of the agreement are generally negotiated through the collective bargaining process. Should the collective bargaining process breakdown, the terms of the labor agreement might be helped along through a third-party mediator. If this doesn't help, then the labor union might call a strike or the firm might impose a lockout. Once in effect, any questions about the terms of the agreement are often subject to arbitration.

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Lesson 3: Scarcity | Unit 4: College Cost Page: 12 of 17

Topic: Out of Pocket <=PAGE BACK | PAGE NEXT=>

An example of the opportunity cost of attending college.
  • Tuition, fees, textbooks, sliderule, etc. ($932.71 per semester) is an explicit opportunity cost.
  • The opportunity cost is all other things that you could have bought with this money-fuzzy dice, hot fudge sundaes, a used Ford Pinto, music CDs.
  • The tuition cost of your college degree is the added up over all semesters ($7,461,68).
However, the TOTAL COST actually goes well beyond this explicit $7,461,68 payment, since there are other costs that don't involve a money payment:
  • By attending school you have foregone alternative activities like working.
  • Unearned income, $15,000 per year, $60,000 for four years, is an extremely important implicit opportunity cost of a college education.
  • Implicit opportunity costs need not have a dollar value attached.
  • The foregone satisfaction from activities like watching television or sleeping, are also implicit opportunity costs.

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EURODOLLARS

Deposits denominated in U.S. dollars in banks located outside of the United States or domestic branches of foreign banks. While such deposits originated with European banks, hence the "Euro" part of the name, they can be held by banks from any foreign country. Eurodollars are an attractive investment because they are NOT in U.S. banks and thus are NOT subject to U.S. banking regulations. Eurodollars, along with other institutional investment near monies, are added to M2 to derive M3.

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Today, you are likely to spend a great deal of time at a going out of business sale seeking to buy either a desktop calendar with all federal and state holidays highlighted or a half-dozen helium filled balloons. Be on the lookout for jovial bank tellers.
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Parker Brothers, the folks who produce the Monopoly board game, prints more Monopoly money each year than real currency printed by the U.S. government.
"No man, for any considerable time, can wear one face to himself and another to the multitude without finally getting bewildered as to which may be true."

-- Nathanial Hawthorne, Author

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