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CLOSED SHOP: An employment arrangement, usually written into a collective bargaining agreement, in which a firm is allowed to hire only labor union members. Because this gives a labor union complete control over the labor services supplied to a particular firm, it was one of the earliest methods used by labor unions to monopolized a labor market. However, closed shops were outlawed by the Taft-Hartley Act passed in 1947 and has been largely supplanted by union shops.
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MARGINAL PROPENSITY TO CONSUME The proportion of each additional dollar of household income that is used for consumption expenditures. The marginal propensity to consume (abbreviated MPC) is another term for the slope of the consumption line and is calculated as the change in consumption divided by the change in income. The MPC plays a central role in Keynesian economics. It quantifies the consumption-income relation and the fundamental psychological law. It is also a foundation for the slope of the aggregate expenditures line and is critical to the multiplier process. A related consumption measure is the average propensity to consume.
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GREEN LOGIGUIN
[What's This?]
Today, you are likely to spend a great deal of time calling an endless list of 800 numbers wanting to buy either a how-to book on home remodeling or a tall storage cabinet with five shelves and a secure lock. Be on the lookout for mail order catalogs with hidden messages.
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This isn't me! What am I?
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On a typical day, the United States Mint produces over $1 million worth of dimes.
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"Be willing to have it so. Acceptance of what has happened is the first step to overcoming the consequences of any misfortune." -- William James, Psychologist
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LOCH
London Options Clearing House
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