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NATIONAL LABOR RELATIONS ACT: A major labor union promoting act under New Deal program of the Roosevelt administration in 1935, it modified and replaced the National Industrial Recovery Act that was declared unconstitutional earlier in the year. Also known as the Wagner Act and frequently going by the acronym NLRA, it outlawed unfair labor practices by employers, such as the refusal by a firm to negotiate with a union representing a majority of its employees. It also established the National Labor Relations Board, which oversees labor activities.
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LONG-RUN TOTAL COST The opportunity cost incurred by all of the factors of production used in the long run (when all inputs are variable) by a firm to produce a good or service, including wages paid to labor, rent paid for the land, interest paid to capital owners, and a normal profit earned by entrepreneurs. Unlike short-run total cost, long-run total cost cannot be separated into fixed cost and variable cost. In the long run, all inputs are variable, so all cost is variable.
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GRAY SKITTERY
[What's This?]
Today, you are likely to spend a great deal of time driving to a factory outlet trying to buy either a really, really exciting, action-filled video game or a coffee cup commemorating the moon landing. Be on the lookout for telephone calls from former employers.
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Three-forths of the gold mined each year is used to manufacture jewelry.
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"If you are going to achieve excellence in big things, you develop the habit in little matters. Excellence is not an exception, it is a prevailing attitude. " -- Colin Powell, general
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APT
Arbitrage Pricing Theory
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