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NLRA: The common abbreviation for the National Labor Relations Act, passed in 1935. This was a major labor union promoting act under New Deal program of the Roosevelt administration, which modified and replaced the National Industrial Recovery Act that was declared unconstitutional earlier in the year. Also known as the Wagner Act, it outlawed unfair labor practices by employers, such as the refusal by a firm to negotiate with a union representing a majority of its employees. It also established the National Labor Relations Board, which oversees labor activities.
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AVERAGE REVENUE PRODUCT Total revenue generated per unit of a variable input, keeping all other inputs unchanged. Average revenue product, usually abbreviated ARP, is found by dividing total revenue by the variable input or by multiplying average physical product by average revenue. Average revenue product is a part of marginal productivity theory used to analyze the demand for productive inputs.
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John Maynard Keynes was born the same year Karl Marx died.
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"Most human beings have an almost infinite capacity for taking things for granted. " -- Aldous Huxley, writer
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BNA
Bureau of National Affairs
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