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November 7, 2024 

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ECONOMIC EFFICIENCY: Obtaining the most consumer satisfaction from available resources. This is what most economists mean when the term efficiency arises. Economic efficiency means our economy is doing the best job possible of satisfying unlimited wants and needs with limited resources--that is, of addressing the problem of scarcity.

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TAFT-HARTLEY ACT: A Congressional act passed in 1947 that limited the power acquired by U.S. labor unions during the 1930 and into the 1940s. Officially known as the Labor-Management Relations Act, this outlawed unfair labor practices by labor unions to counterbalance earlier legislation that had outlawed unfair labor practices by firms. The Taft-Hartley Act also set up provisions to decertify unions, if members chose to do so, and allowed states to pass right-to-work laws, which would outlaw union shops.

     See also | labor union | right-to-work law | unfair labor practice | open shop | union shop | closed shop | AFL-CIO | factor market | monopoly |


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AVERAGE PROPENSITY TO SAVE

The proportion of household income that is used for saving. The average propensity to save (abbreviated APS) is really nothing more than average saving. Together with the average propensity to consume, it indicates how a given level of income is divided between consumption and saving. A related saving measure is the marginal propensity to save.

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APLS

BEIGE MUNDORTLE
[What's This?]

Today, you are likely to spend a great deal of time at a dollar discount store seeking to buy either an electric coffee pot with automatic shutoff or a brown leather attache case. Be on the lookout for gnomes hiding in cypress trees.
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This isn't me! What am I?

The standard "debt" notation I.O.U. does not mean "I owe you," but actually stands for "I owe unto..."
"If you worried about falling off the bike, you'd never get on. "

-- Lance Armstrong, bicycle racer

ICCH
International Commodities Clearing House
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