Brainscape's Knowledge GenomeTM


Top Flashcards (Certified)
All Flashcards

Econ > Exam 4 > Flashcards

Exam 4 Flashcards

(66 cards)

Start Studying
1
Q

Labor union whose members perform the
same kind of work; same as trade union.

A

Craft Union

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
2
Q

Labor union whose members perform
different kinds of work in the same
industry.

A

Industrial Unions

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
3
Q

Union-organized work stoppage designed to gain concessions from an employer

A

Strike

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
4
Q

Demonstrate or march before a place of business to protest a company’s actions or policies

A

Picket

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
5
Q

Protest in the form of refusal to buy, including attempts to convince others to take their business elsewhere

A

Boycott

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
6
Q

Antiunion Backlash Right to work laws

A

State law making it illegal to require a
worker to join a union.

Established by the Labor-
Management Relations Act, or
Taft-Hartley Act, of 1947.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
7
Q

explanation stating that the supply and demand
for a workers skills and services
determine the wage or salary.

A

Market Theory of Wage
Determination

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
8
Q

Explanation of wage rates based on the
bargaining strength of organized labor.

A

THEORY OF NEGOTIATED WAGES

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
9
Q

Theory that employers are willing to pay more for people with certificates, diplomas, degrees, and other indicators of superior ability

A

Signaling theory

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
10
Q

Process of negotiating between union
and management representatives over
pay, benefits, and job-related matters.

A

COLLECTIVE BARGAINING

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
11
Q

Process of resolving a dispute by bringing
in a neutral third party to help both sides
reach a compromise.

A

Mediation

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
12
Q

Agreement by two parties to place a
dispute before a third party for a binding
settlement; also called binding
arbitration.

A

Arbitration

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
13
Q

Agreement between union and
management to have a neutral third
party collect facts about a dispute and
represent nonbinding recommendations.

A

Fact-finding

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
14
Q

Court order issued to prevent a company
or union from taking or not taking action
during a labor dispute.

A

Injunction

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
15
Q

Temporary government takeover of a
company to keep it running during a
labor management dispute.

A

Seizure

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
16
Q

Seemingly invisible barrier hindering the advancement of women and minorities in a white male-dominated organization

A

Glass Ceiling

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
17
Q

Wage scale paying newer workers a
lower wage than others already on the
job.

A

Two-Tier wage system

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
18
Q

Wage, fringe benefit, or work rule given
up when renegotiating a contract.

A

Giveback

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
19
Q

Systematic changes in real GDP marked by alternating periods of expansion and contraction

A

Business Cycles

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
20
Q

Changes in the real GDP marked by alternating periods of expansion and contraction that occur on an irregular basis

A

Business Fluctuations

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
21
Q

Decline in real GDP lasting at least two
quarters or more.

A

Recession

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
22
Q

Point in time when real GDP stops expanding
and begins to decline.

A

Peak

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
23
Q

Point in time when real GDP stops declining
and begins to expand.

A

Trough

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
24
Q

Period of uninterrupted growth of real GDP,
industrial production, real income, and
employment lasting for several years or more;
recovery from recession.

A

Expansion

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
25
Index used to measure price changes for a market basket of frequently used consumer items.
Consumer Price Index (CPI)
26
State of the economy with large numbers of unemployed, declining real incomes, overcapacity in manufacturing plants, and general economic hardship.
Depression
27
Explanation that prices rise because all sectors of the economy try to buy more goods and services than the economy can produce
Demand-pull inflation
28
noninstitutionalized part of the population, aged 16 and over, either working or looking for a job.
Civilian Labor force
29
State of working for less than one hour per week for pay or profit in a non-family-owned business, while being available and having made an effort to find a job during the past month
Unemployed
30
Ratio of unemployed individuals divided by total number of persons in the civilian labor force, expressed as a percentage
Unemployment rate
31
Frictional unemployment
unemployment caused by workers changing jobs or waiting to go to new ones.
32
Structural unemployment
unemployment caused by a fundamental change in the economy that reduces the demand for some workers.
33
Technological unemployment
unemployment caused by technological developments or automation that make some workers skills obsolete.
34
Cyclical unemployment
unemployment directly related to swings in the business cycle.
35
Seasonal unemployment
unemployment caused by annual changes in the weather or other conditions that prevail at certain times of the year.
36
The first attempt to organize labor in America was in
1778
37
In 1778 who joined together where for what?
printers joined together in New York City to demand higher pay.
38
Until about 1820...
most of Americas workforce was made up of farmers, small business owners, and the self-employed.
39
Labor union whose members perform the same kind of work; same as trade union.
Craft union
40
Labor union whose members perform different kinds of work in the same industry.
Industrial Unions
41
During the Great Depression how many people were without jobs?
1 in 4 workers
42
Wage Determination
1.Noncompeting Categories of Labor 2.Market Theory of Wage Determination 3.Theory of Negotiated Wages 4.Signaling Theory
43
explanation stating that the supply and demand for a workers skills and services determine the wage or salary.
Market Theory of Wage Determination
44
Why would an athlete have a higher wage?
High demand and low supply result in high annual wages.
45
Resolving Labor Disputes
Collective Bargaining Mediation Arbitration Fact Finding Injunction Seizure Presidential Intervention
46
What are the reasons that women get paid less then men?
Human capital differences Gender and occupation Discrimination
47
Causes of Business Cycles
External shocks Changes in investment spending Changes in monetary policy Fiscal-policy shocks Speculation and "bubbles"
48
External shocks
an increase in oil prices, wars, or international conflicts.
49
Changes in Investment Spending
changes in capital expenditures.
50
Changes in Monetary Policy
point to the Federal Reserve Systems policies on interest rates.
51
Fiscal-Policy Shocks
fiscal policy, the use of federal government spending and revenue-collection measures, have also been blamed.
52
Speculation and “Bubbles”
expectations about the future.
53
Advantages and disadvantages to a 30 year loan
lower payments each month greater financing overall
54
advantages and disadvantages to a 15 year loan
greater payments each month lower financing overall
55
Why do creditors prefer creeping inflation rather than hyperinflation
because the money they loan will not decline in value as much by the time the loan is repayed.
56
ratio of unemployed individuals divided by total number of persons in the civilian labor force, expressed as a percentage.
Unemployment rate
57
Example of Cyclical Unemployment
An autoworker is laid of during a recession.
58
Example of Frictional Unemployment
A college graduate is looking for her first job.
59
example of Structural Unemployment
A steelworker loses her job when her company moves to Mexico.
60
example of Seasonal Unemployment
A snowplow operator is laid off after winter.
61
example of unemployed
A new father quits his job to become a stay-at-home dad.
62
example of Technological Unemployment
A photographer loses his job because his skill as a slide developer becomes obsolete.
63
Signaling theory
Is the theory that employers are willing to pay more for people with certificates, diplomas, degrees, and other indicators of superior ability
64
Theory of negotiated wages
is the explanation of wage rates based on the bargaining strength of organized labor
65
Market theory of wage determination
is the explanation stating that the supply and demand for a workers skills and services determine the wage or salary
66
Noncompeting Categories of Labor
unskilled semi skilled skilled professional

Econ (7 decks)

Brainscape helps you reach your goals faster, through stronger study habits.
© 2025 Bold Learning Solutions. Terms and Conditions