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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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INFLATIONARY GAP The difference between the equilibrium real production achieved in the short-run aggregate market and full-employment real production that occurs when short-run equilibrium real production is more than full-employment real production. An inflationary gap, also termed an expansionary gap, is associated with a business-cycle expansion, especially the latter stages of an expansion. This is one of two alternative output gaps that can occur when short-run equilibrium generates production that differs from full employment. The other is a recessionary gap.
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RED AGGRESSERINE
[What's This?]
Today, you are likely to spend a great deal of time at a flea market hoping to buy either a birthday greeting card for your father or a T-shirt commemorating the first day of spring. Be on the lookout for defective microphones.
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In the Middle Ages, pepper was used for bartering, and it was often more valuable and stable in value than gold.
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"Defeat is simply a signal to press onward. " -- Helen Keller, author, lecturer
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NASD
National Association of Securities Dealers
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