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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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AVERAGE-MARGINAL RULE: An intriguing, extremely useful mathematical relationship between an average measure and it's corresponding marginal measure, for example average product and marginal product, or average total cost and marginal cost. When the marginal measure is greater than the average measure, then the average measure increases. Alternatively, when the marginal measure is less than the average measure, then the average measure decreases. In addition, when the marginal measure is equal to the average measure the average measure doesn't change. See also | average product | marginal product | average total cost | average variable cost | marginal cost | average revenue | marginal revenue | average factor cost | marginal factor cost | average revenue product | marginal revenue product |
Recommended Citation:AVERAGE-MARGINAL RULE, AmosWEB GLOSS*arama, http://www.AmosWEB.com, AmosWEB LLC, 2000-2024. [Accessed: October 30, 2024].
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PLANNED ECONOMY An economy, or economic system, that relies heavily on central planning by government to allocate resources and answer the three basic questions of allocation. A planned economy is often a type of command economy, in which government uses its coercive powers to implement central planning allocation decisions.
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BLUE PLACIDOLA
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Today, you are likely to spend a great deal of time lost in your local discount super center wanting to buy either a really, really exciting, action-filled video game or a coffee cup commemorating the moon landing. Be on the lookout for crowded shopping malls.
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In the late 1800s and early 1900s, almost 2 million children were employed as factory workers.
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"Anyone who has never made a mistake has never tried anything new. " -- Albert Einstein, physicist
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Average Product
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