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ARBITRATION: Intervention of an impartial third party to settle disputes between two others. The decisions of this third party -- the arbitrator -- are legally binding, much like the ruling of a judge in a court of law. Arbitration is commonly used to interpret a collective bargaining agreement between unions and employers. Much like a judge (in some cases it is a judge) an arbitrator determines how a given union and employer conflict stacks up against the terms of existing agreement. Note that an arbitrator doesn't try to decide what's "best, "fair," or mutually agreeable to both sides -- as would be the case with mediation -- but only what's in line with the existing agreement.
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DEFLATION A persistent decrease in the average price level in the economy. This is the direct opposite of inflation, a persistent increase in the average price level. Like inflation, deflation occurs when the AVERAGE price level decreases over time. While some prices might decrease, other prices could increase or remain unchanged, deflation occurs if the AVERAGE follows a downward trend. Another related phenomenon is disinflation, a decrease in the inflation rate.
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GREEN LOGIGUIN
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Today, you are likely to spend a great deal of time touring the new suburban shopping complex seeking to buy either a set of luggage with wheels or a birthday gift for your aunt. Be on the lookout for telephone calls from former employers.
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In his older years, Andrew Carnegie seldom carried money because he was offended by its sight and touch.
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"Most human beings have an almost infinite capacity for taking things for granted. " -- Aldous Huxley, writer
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