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CLOSED SHOP: An employment arrangement, usually written into a collective bargaining agreement, in which a firm is allowed to hire only labor union members. Because this gives a labor union complete control over the labor services supplied to a particular firm, it was one of the earliest methods used by labor unions to monopolized a labor market. However, closed shops were outlawed by the Taft-Hartley Act passed in 1947 and has been largely supplanted by union shops.
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COMPARATIVE ADVANTAGE The ability to produce one good at a relatively lower opportunity cost than other goods, especially compared to production in another country. Every person or country has a comparative advantage in production of at least one good or service, even with relatively limited production technology. A related, but contrasting concept is absolute advantage. Both terms are perhaps most important to the study of international trade, but also provide insight into other exchanges.
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GREEN LOGIGUIN
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Today, you are likely to spend a great deal of time browsing through a long list of dot com websites looking to buy either handcrafted decorations to hang on your walls or throw pillows for your bed. Be on the lookout for the last item on a shelf.
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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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"We can't take any credit for our talents. It's how we use them that counts. " -- Madeleine L'Engle, Writer
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AAT
Association of Accounting Technicians
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