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AFL: The abbreviation for the American Federation of Labor, which started as a collection of craft unions in 1886, this is now one half of the umbrella organization for labor unions in the United States (the AFL part of AFL-CIO). As a collection of craft unions, the AFL primarily represented skilled workers in particular occupations. However, it also contained unions representing unskilled industrial workers, which led to a rift among AFL members in 1938 and spawned the formation of the Congress of Industrial Organizations (CIO). This rift was closed in 1955, when both joined together to form the AFL-CIO, which is the primary advocate for workers and labor unions in the United States.
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FREE-RIDER PROBLEM A problem underlying the provision of public goods that occurs when a person consumes or benefits from a good without making payment. The free-rider problem is the primary reason that public goods are produced by governments. Because public goods are characterized by the inability to exclude nonpayers, once a public good is produced anyone, everyone, can consume without making payment, that is, get a "free ride." Voluntary payments like those occurring in markets will not provide enough revenue to pay production costs. The only way to finance public goods is to force free-riders, and everyone else, to pay through government taxes. The free-rider problem also applies to common-property goods.
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PINK FADFLY
[What's This?]
Today, you are likely to spend a great deal of time searching for rummage sales hoping to buy either a T-shirt commemorating Thor Heyerdahl's Pacific crossing aboard the Kon-Tiki or a wall poster commemorating the 2000 Olympics. Be on the lookout for neighborhood pets, especially belligerent parrots.
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The average length of a "business lunch" is about 36 minutes.
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"Unless you are willing to drench yourself in your work beyond the capacity of the average man, you are just not cut out for positions at the top." -- J. C. Penney, Retailer
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DOJ
Department of Justice (US)
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