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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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INFLATION CAUSES Inflation, the persistent increase in the average price level, can be caused by an increase in aggregate demand or a decrease in aggregate supply. This suggests two basics sources, causes, or types of inflation--demand-pull inflation and cost-push inflation. While short-term bouts of inflation (up to several months) can result from anything (determinant) that might cause either increases in aggregate demand or decreases in aggregate supply, long-term inflation (a year or more) is possible ONLY through persistent increases in the money supply. As such, while demand-pull inflation and cost-push inflation are convenient ways to catalog the transmission mechanisms of inflation, the ultimate CAUSE of inflation is money.
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BEIGE MUNDORTLE
[What's This?]
Today, you are likely to spend a great deal of time at a flea market hoping to buy either a pair of blue silicon oven mitts or a coffee cup commemorating the 2000 Olympics. Be on the lookout for slightly overweight pizza delivery guys.
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The earliest known use of paper currency was about 1270 in China during the rule of Kubla Khan.
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"There comes a time when the mind takes a higher plane of knowledge but can never prove how it got there. " -- Albert Einstein, physicist
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MC
Marginal Cost
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