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YELLOW-DOG CONTRACT: An agreement signed by workers before they are hired, stipulating that they would not join a union after they are hired. This contract was commonly used by firms in the late 1800s and early 1900s to limit labor union membership and thus to prevent unions from exerting control over the labor market. Yellow-dog contracts were outlawed by the Norris-LaGuardia Act in 1932.
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INCOME EFFECT The change in quantity demanded that results because a change in the demand price of a good affects real income (that is, the purchasing power of income) even though nominal income remains the same. This is one of two reasons, or effects, underlying the law of demand and the negative slope of the market demand curve. The other is the substitution effect.
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The first paper currency used in North America was pasteboard playing cards "temporarily" authorized as money by the colonial governor of French Canada, awaiting "real money" from France.
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"There are only two ways to live your life. One is as though nothing is a miracle. The other is as though everything is a miracle." -- Albert Einstein
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AV
Actual Value
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