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LABOR AGREEMENT: A formal, official, legal contract between a firm and the labor union representing the firm's employees. Such an agreement stipulates the various aspects of employment, including wages, fringe benefits, vacations, layoffs, promotions, and grievance procedures. The terms of the agreement are generally negotiated through the collective bargaining process. Should the collective bargaining process breakdown, the terms of the labor agreement might be helped along through a third-party mediator. If this doesn't help, then the labor union might call a strike or the firm might impose a lockout. Once in effect, any questions about the terms of the agreement are often subject to arbitration.
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POINT ELASTICITY The relative responsiveness of a change in one variable (call it B) to an infinitesimally small change in another variable (call it A). The notion of point elasticity typically comes into play when discussing the elasticity at a specific point on a curve.
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ORANGE REBELOON
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Today, you are likely to spend a great deal of time watching the shopping channel trying to buy either a pair of handcrafted oven mitts or a coffee table shaped like the state of Florida. Be on the lookout for slightly overweight pizza delivery guys.
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The standard "debt" notation I.O.U. does not mean "I owe you," but actually stands for "I owe unto..."
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"The time your game is most vulnerable is when you're ahead; never let up. " -- Rod Laver, Tennis player
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ARMA
Autoregressive Moving Average
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