Economic Midterm Part 2 Flashcards

(65 cards)

0
Q

The wage rate that produces neither an excess supply of workers nor an excess demand for workers in the labor market

A

Equilibrium Wage

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1
Q

Value of output produced

A

Productivity

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2
Q

Labor that requires no specialized skills, education, or training

A

Unskilled Labor

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3
Q

Labor that requires minimal specialized skills and education

A

Semi-Skilled Labor

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4
Q

Labor that requires specialized skills and training

A

Skilled Labor

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5
Q

Labor that requires advanced skills and education

A

Professional Labor

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6
Q

An unofficial, invisible barrier that prevents women and minorities from advancing in businesses dominated by white men

A

Glass Ceiling

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7
Q

An organization of workers that tries to improve working conditions, wages, and benefits for its members

A

Labor Union

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8
Q

The practice of negotiating labor contracts that keep unnecessary workers on a company’s payroll

A

Featherbedding

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9
Q

An organized work stoppage intended to force an employer to address union demands

A

Strike

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10
Q

The process in which union and company representatives meet to negotiate a new labor contract

A

Collective Bargaining

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11
Q

A settlement technique in which a neutral mediator meets with each side to try to find a solution that both sides will accept

A

Mediation

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12
Q

A settlement technique in which a third party reviews the case and imposes a decision that is legally binding for both sides

A

Arbitration

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13
Q

Anything that serves as a medium of exchange, a unit of account, and a store of value

A

Money

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14
Q

The direct exchange of one set of goods or services for another

A

Barter

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15
Q

Something that keeps its value if it is stored rather than used

A

Store of Value

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16
Q

Coins and paper bills used as money

A

Currency

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17
Q

Objects that have value because the holder can exchange them for something else of value

A

Representative Money

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18
Q

Money that has value because the government has ordered that it is an acceptable means to pay debts

A

Fiat Money

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19
Q

An institution for receiving, keeping, and lending money

A

Bank

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20
Q

The nation’s central banking

A

Federal Reserve System

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21
Q

The government agency that insures customer deposits if a bank fails

A

Fed Deposit Insurance Corp

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22
Q

The ability to be used as, or directly converted to, cash

A

Liquidity

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23
Q

Market in which money is lent for periods less than a year

A

Money Market

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24
A specific type of loan that is used to buy real estate
Mortgage
25
A card entitling its holder to buy goods and services based on the holder's promise to pay for these goods and services
Credit Card
26
The price paid for the use of borrowed money, or money earned by deposited funds
Interest
27
The amount of money borrowed
Principle
28
Person or institution to whom money is owed
Creditor
29
Goods that last for a relatively long time, such as refrigerators, cars, and DVD players
Durable Good
30
Goods that last a short period of time, such as food, light bulbs, and sneakers
Nondurable Good
31
The loss of the value of capital equipment that results from normal wear and tear
Depreciation
32
The average of all prices in the economy
Price Level
33
A period of economic growth as measured by a rise in the real GDP
Expansion
34
Steady, long-term increase in real GDP
Economic Growth
35
The height of an economic expansion, when real GDP stops rising
Peak
36
Period of economic decline marked by falling real GDP
Contraction
37
The lower point in an economic contraction, when real gross domestic product stops falling
Trough
38
A prolonged economic contraction
Recession
39
a recession that is especially long and severe
Depression
40
Key economic variables that economists use to predict a new phase of the business cycle
Leading Indicators
41
Unemployment that occurs when people take time to find a job
Frictional Unemployment
42
Unemployment that occurs as a result of harvest schedules or vacations, or when industries slow or shut down for a season
Seasonal Unemployment
43
Unemployment that occurs when workers' skills do not match the jobs that are available
Structural Unemployment
44
Unemployment that rises during economic downturns and falls when the economy improves
Cyclical Unemployment
45
The percentage of the nation's labor force that is unemployed
Unemployment rate
46
Working at a job for which one is overqualified, or working part-time when full-time work is desired
Underemployed
47
A general increase in prices
Inflation
48
A price index determined by measuring the price of a standard group of goods meant to represent the typical "market basket"
Consumer Price Index
49
The percentage rate of change in price level over time
Inflation Rate
50
The process by which rising wages cause higher prices and higher prices cause higher wages
Wage-Price Spiral
51
A sustained drop in the price level
Deflation
52
The percentage of people who live in households with income below the official poverty line
Poverty Rate
53
Area where companies can locate free of certain local, state, and federal taxes and restrictions
Enterprise Zone
54
Federal funds given to states in lump sums
Block Grand
55
A program requiring work in exchange for temporary assistance
Workfare
56
A nation's gross domestic product divided by its total population
Per Capita GDP
57
The extensive organization of an economy for the purpose of manufacturing
Industrialization
58
Level of farming in which a person raises only enough food to feed his or her family
Subsistence Agriculture
59
The number of deaths that occur in the first year of life per 1,000 live births
Infant Mortality Rate
60
The services and facilities necessary for an economy to function
Infrastructure
61
Less developed country that has shown significant improvement in the measures of development
Newly Industrialized Country
62
Suitable for producing crops
Arable
63
Inadequate nutrition
Malnutrition
64
Small donations given to third world entrepreneurs
Micro Loans (exception)