What Is the Relationship Between Income, Expenditure, Current Account and External

question 47

Essay

What is the relationship between income, expenditure, current account and external wealth?

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Definitions:

Agency Shop

A workplace agreement where employees do not have to join the union, but must pay union dues since the union negotiates on behalf of all employees.

Closed Shop

A form of labor agreement in which a company agrees to hire and employ only members of a labor union.

Rand Formula

A labor union policy that mandates all workers in a bargaining unit to pay union dues, regardless of union membership, to ensure collective bargaining benefits for all.

Check-Off Provision

A contractual arrangement where an employer automatically deducts union dues from employees' paychecks and transfers them to the union.