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OPEN SHOP: An employment arrangement in which workers of a firm are free to join or not join a union because employment is unrelated to union membership. Because an open shop tends to limit the proportion of a firm's employees represented, this can significantly dilute a labor union's market control. Open shops are established in states that have right-to-work laws.
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MONETARY POLICY CHANNELS The routes through which monetary policy by the Federal Reserve System affects aggregate production and macroeconomic activity. The six most important monetary policy channels are: interest rate, exchange rate, wealth, equities, bank lending, and balance sheet. These six channels are interdependent and mutually reinforcing. The interest rates channel is usually the most important, but all six channels generally come into play.
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PINK FADFLY
[What's This?]
Today, you are likely to spend a great deal of time surfing the Internet wanting to buy either galvanized steel storage shelves or a large green chalkboard shaped like the state of Maine. Be on the lookout for high interest rates.
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Francis Bacon (1561-1626), a champion of the scientific method, died when he caught a severe cold while attempting to preserve a chicken by filling it with snow.
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"Posterity: you will never know how much it has cost my generation to preserve your freedom. I hope you will make good use of it. " -- John Quincy Adams, 6th U. S. president
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LRAC
Long Run Average Cost
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