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OPEN SHOP: An employment arrangement in which workers of a firm are free to join or not join a union because employment is unrelated to union membership. Because an open shop tends to limit the proportion of a firm's employees represented, this can significantly dilute a labor union's market control. Open shops are established in states that have right-to-work laws.
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TAX INCIDENCE The portion of a tax paid by each side of a market based on differences in the pre-tax equilibrium price and the after-tax demand price and supply price. Because a tax drives a wedge between demand price and supply price, the incidence or burden of a tax typically falls on both buyers and sellers. How much each side pays depends on the relative price elasticity of demand and supply. Buyers pay the entire tax only in the case of a perfectly elastic supply or perfectly inelastic demand. Sellers pay the entire tax only in the case of a perfectly elastic demand or perfectly inelastic supply.
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WHITE GULLIBON
[What's This?]
Today, you are likely to spend a great deal of time visiting every yard sale in a 30-mile radius wanting to buy either a wall poster commemorating the moon landing or storage boxes for your winter clothes. Be on the lookout for malfunctioning pocket calculators.
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This isn't me! What am I?
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The average bank teller loses about $250 every year.
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"Things turn out best for the people who make the best of the way things turn out." -- Art Linkletter
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NPV
Net Present Value
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