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March 5, 2024 

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AAUP: The abbreviation for American Association of University Professors, which is an association of university and college faculty established in 1915 to protect academic freedom. The AAUP is the closest thing university faculty have to a labor union. While it does engage in some collective bargaining functions with specific universities, similar to traditional labor unions, its primary function is to ensure that faculty maintain intellectual or academic freedom from political of social pressures.

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CUSTOMS UNION: An agreement among two or more nations to eliminate trade restrictions with each other and to adopt a common trade policy with other nations. There is, however, no effort to allow free movement of resources among the countries nor to adopt common monetary or fiscal policies. This is considered the second of four levels of integration among nations. See common market, economic union, free-trade area for the other three levels.

     See also | foreign trade | monetary policy | fiscal policy | common market | economic union | free-trade area | trading bloc |


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CONSUMER SOVEREIGNTY

The notion that consumers ultimately determine what goods and services are produced and how the economy's limited resources are used based on the purchases they make. Consumers thus reign over the economy as sovereign rulers.

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Today, you are likely to spend a great deal of time at an auction seeking to buy either a bookshelf that will fit in your closet or a birthday greeting card for your grandfather. Be on the lookout for slightly overweight pizza delivery guys.
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Much of the $15 million used by the United States to finance the Louisiana Purchase from France was borrowed from European banks.
"All things are difficult before they are easy."

-- Thomas Fuller, Physician

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