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TEAMSTERS UNION: The common name for the International Brotherhood of Teamsters, which is one of the largest labor unions in the United States, this was established in 1903 and represents truck drivers, chauffeurs, warehouse workers, and labor in related activities. Their name was taken from the teamsters of the 1800s who guided wagons pulled by teams of horses or other animals. Their modern day counterparts have replaced teams of horses with diesel engines, but their function remains much the same. The Teamsters Union was originally part of the AFL-CIO, but was expelled in 1957 due to corruption among union leaders. The Teamsters Union rejoined the AFL-CIO in 1987.
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AGGREGATE SUPPLY The total (or aggregate) real production of final goods and services available in the domestic economy at a range of price levels, during a given time period. Aggregate supply, usually abbreviated AS, is two different relations between price level and real production--long run and short run. With long-run aggregate supply, prices and wages are flexible and all markets are in equilibrium. With short-run aggregate supply some prices and wage are NOT flexible and some markets are NOT in equilibrium. This is one half of the AS-AD (aggregate market) analysis. The other half is aggregate demand.
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GREEN LOGIGUIN
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Today, you are likely to spend a great deal of time browsing about a thrift store looking to buy either a package of 3 by 5 index cards, the ones without lines or a blue mechanical pencil. Be on the lookout for small children selling products door-to-door.
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This isn't me! What am I?
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Ragnar Frisch and Jan Tinbergen were the 1st Nobel Prize winners in Economics in 1969.
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"It is only our deeds that reveal who we are. " -- Carl Jung, psychiatrist
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WTO
World Trade Organization
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