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LABOR UNION: An organization of workers or employees who act jointly to negotiate with their employers over wages, fringe benefits, working conditions, and other facets of employment. The main function of unions is to provide a balance for the market control exerted over labor by big business.
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OUTPUT GAPS Recessionary and inflationary gaps created by differences between equilibrium real production achieved by the short-run aggregate market and full-employment real production. A recessionary gap occurs if short-run equilibrium real production is less than full-employment real production. An inflationary gap results if short-run real equilibrium production is greater than full-employment real production.
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WHITE GULLIBON
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Today, you are likely to spend a great deal of time driving to a factory outlet trying to buy either an extra large beach blanket or a large flower pot shaped like a Greek urn. Be on the lookout for letters from the Internal Revenue Service.
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Much of the $15 million used by the United States to finance the Louisiana Purchase from France was borrowed from European banks.
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"Carpe diem! Rejoice while you are alive; enjoy the day; live life to the fullest; make the most of what you have. It is later than you think." -- Horace, Ancient Roman poet
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MFN
Most-Favoured Nation
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