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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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UNLIMITED LIABILITY A condition in which owners of a business are personally held responsible for any debts created by the business. Proprietorships and partnerships are the two types of business organizations in which owners have unlimited liability. Unlimited liability tends to restrict the size of a business and prevents large scale production. The alternative to unlimited liability is limited liability, a characteristic of corporations.
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ORANGE REBELOON
[What's This?]
Today, you are likely to spend a great deal of time wandering around the shopping mall wanting to buy either a coffee table shaped like the state of Florida or storage boxes for your summer clothes. Be on the lookout for slightly overweight pizza delivery guys.
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The 1909 Lincoln penny was the first U.S. coin with the likeness of a U.S. President.
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"The only profit center is the customer. " -- Peter Drucker, management consultant
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NIA
National Income Accounts
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