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CLOSED SHOP: An employment arrangement, usually written into a collective bargaining agreement, in which a firm is allowed to hire only labor union members. Because this gives a labor union complete control over the labor services supplied to a particular firm, it was one of the earliest methods used by labor unions to monopolized a labor market. However, closed shops were outlawed by the Taft-Hartley Act passed in 1947 and has been largely supplanted by union shops.
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IMPORT QUOTA: A limit on the importation of a particular good brought into one country from another country. An import quota, for example, would stipulate something like only X million pounds of swiss cheese can be imported into the United States from Switzerland each year. Such import quotas are a popular type of nontariff barrier imposed by countries throughout the world, competing with tariffs as the number one trade restriction. The general justification for import quotas is to protect domestic firms and industries from unfair competition by foreign companies. While this can be needed, import quotas are frequently used by oligopoly firms, with significant political influence to limit competition and maintain market control. See also | import | trade barrier | nontariff barrier | tariff | import substitution | opportunity cost | efficiency | competition | market control | oligopoly | competition among the few | unfair competition |
Recommended Citation:IMPORT QUOTA, AmosWEB GLOSS*arama, http://www.AmosWEB.com, AmosWEB LLC, 2000-2024. [Accessed: December 4, 2024].
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LAGGING ECONOMIC INDICATORS Seven economic statistics that tend to move up or down a few months AFTER business-cycle expansions and contractions. Most importantly, these measures indicate peak and trough turning points about three to twelve months after they occur. Lagging economic indicators are one of three groups of economic measures used to track business-cycle activity. The other two are coincident economic indicators and leading economic indicators.
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WHITE GULLIBON
[What's This?]
Today, you are likely to spend a great deal of time calling an endless list of 800 numbers trying to buy either several orange mixing bowls or clothing for your pet dog. Be on the lookout for spoiled cheese hiding under your bed hatching conspiracies against humanity.
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In 1914, Ford paid workers who were age 22 or older $5 per day -- double the average wage offered by other car factories.
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"Wise men speak because they have something to say; Fools because they have to say something. " -- Plato, philosopher
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AGI
Adjusted Gross Income
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