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RIGHT TO WORK: A law preventing employers from making union membership a condition of employment. In other words, your boss can't forced you to join a union if you don't want to. There are two sides to this argument. On the one hand, workers should have the freedom to join a union or not based on the benefit to had from the union and perhaps their philosophical orientation towards unions. On the other hand, unions gain their strength by representing workers. Its negotiating position is hurt if it represents only a fraction of the workers. Moreover, any benefits a union gets for workers are enjoyed by its members (who pay dues) as well as nonmembers (who don't pay dues).
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AVERAGE FIXED COST CURVE A curve that graphically represents the relation between average fixed cost incurred by a firm in the short-run product of a good or service and the quantity produced. This curve is constructed to capture the relation between average fixed cost and the level of output, holding other variables, like technology and resource prices, constant. The average fixed cost curve is one of three average curves. The other two are average total cost curve and average variable cost curve. A related curve is the marginal cost curve.
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YELLOW CHIPPEROON
[What's This?]
Today, you are likely to spend a great deal of time strolling through a department store looking to buy either a computer that can play music and burn CDs or a T-shirt commemorating last Friday (you know why). Be on the lookout for telephone calls from long-lost relatives.
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Ragnar Frisch and Jan Tinbergen were the 1st Nobel Prize winners in Economics in 1969.
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"Nothing will ever be attempted if all possible objections must first be overcome. " -- Samuel Johnson, essayist, critic, lexicographer
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FXA
Foreign Exchange Agreement
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