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American Economy > Labor - One of the Factors of Production > Flashcards

Labor - One of the Factors of Production Flashcards

1
Q

Civilian Labor Force

A

The total number of people 16 years old or older who are either employed or actively seeking work.

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2
Q

Not included: Those not able to work, not looking

A

Disabled, prisoners, mental institution patients, armed force, full-time students, homemakers, retires, agricultural workers, federal government employees

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3
Q

White Collar

A

Office, sales, administrative, professionals (suite&tie) office work, paid by salary

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4
Q

Blue Collar

A

Manual labor, paid by the hour/piecework, crafts manufacturing, non-farm labors

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5
Q

Service Workers

A

providing services directly to individual, hair care, child care, food server, healthcare workers

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6
Q

Unskilled workers

A

No special training

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7
Q

Semiskilled workers

A

Some training

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8
Q

Skilled workers

A

Learned a trade or craft

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9
Q

Professionals

A

College degrees or more

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10
Q

Hark Skills

A

Basic skills to get the job done, specific knowledge and ability required, typing, math, reading, use of software programs, operation of equipment, data mining & analysis

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11
Q

Soft Skills

A
  1. Work in a team structure.
  2. Make decisions and solve problems
  3. Communicate verbally with people
  4. Plan, organize, and prioritize work
  5. Obtain and process information
  6. Put your phone away
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12
Q

Increases skill =

A

fewer qualified people = increases wages

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13
Q

Unpleasant/dangerous =

A

Fewer people = increases wages

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14
Q

Enjoyable/prestigious =

A

More people = decreased wages

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15
Q

Large city/population =

A

More interest = decreased wages

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16
Q

No where land/no one around =

A

Few = increased wages

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17
Q

Craft Unions

A

Specific races (electricians — IBEW)

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18
Q

Industrial Union

A

An entire industry — no mater what the job skill or level (United Auto Workers)

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19
Q

Closed Shop

A

only hires union members

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20
Q

Union Shop

A

New employee joins after probationary period

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21
Q

Agency Shop

A

No required to join, but must pay union dues (fair share)

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22
Q

Right to work laws

A
  1. Forbid union/closed shops
    2.those who choose not to join enjoy benefits of union without paying dues
    More states were passing these laws, 28 states
23
Q

Janus decision and Unions

A
  • 2018
  • union could not require non-union members to pay their “fair share” yet still receive the negotiate benefits
24
Q

Featherbedding

A

Work rules designating tasks, inefficient, reduces output/worker

25
Q

Protect Domestic Products

A

Lobby congress to make imports more expansive, add tariffs, limit imports

26
Q

Advertising

A

Encourage domestic products, buy the “union label” or “buy American”

27
Q

Reduce the labor supply

A

Control number of hours to work, require more education/training, require passing tests

28
Q

Use Collective Bargaining

A

Negotiate the conditions of employment for all union members (salary, benefits), requires comprise, thread of withholding work (writhe) to achieve goals

29
Q

Mediation

A

If a compromise cannot be reached… a neutral person listen to both sides, makes decisions

30
Q

Arbitration

A

Easy side submits a proposal to a third party, agree to accept the decisions (one proposal will be accepted)

31
Q

Strike

A
  • by the workforce
  • picketing, boycotting
32
Q

Lockout

A
  • by the owners
  • prevents workers from reporting to work
33
Q

Injunctions

A
  • legal actions to delay a strike, referred to as a cooling off period
34
Q

Derived Demand

A

Demand for labor is dependent upon consumer demand

35
Q

Marginal Revenue Product

A

MRP = MP x Price

36
Q

Business Cycle

A

Upswings and downswings in the level of real output, alternating periods of growth and contraction

37
Q

Key reasons for growth

A

Increase in resources, increase in technology

38
Q

3% year leads to a doubling

A

Of GDP in 24 years

39
Q

4 phases in a business cycle

A
  1. Peak
  2. Recession (contraction)
  3. Trough
  4. Recovery (expansion)
    Each phase and cycle caries in duration and intensity
40
Q

Peak

A
  • real GPD reaches maximum after rising during recovery
  • close to or near full employment
  • temporary high point
41
Q

Recession (contraction)

A
  • downturn in the business cycle (profits fall and unemployment increases)
  • measured by 2 quarters (6 months) or more of dropping real GDP
42
Q

Trough

A
  • real GDP bottoms out
  • this is when you are able to measure the length of a recession
  • recession length since WWII = 11 months
  • 2008 recession — 18 months
43
Q

Recovery (expansion)

A
  • upturn in the economy
    -increase in GDP
  • increase in profits
  • increase in employment
  • measured by 2 quarters (6 months) or more of increasing GDP
44
Q

Frictional

A

People moving between jobs, natural/temporary, always exists to some degree

45
Q

Cyclical

A

Follows the ups/downs of a business cycle, supply workers not equal to supply of jobs, worst type of employment

46
Q

Structural

A

Mismatch between needed skills and worker skills

47
Q

Seasonal

A

Caused by changes in weather/season

48
Q

Full employment

A
  • When an economy operates at an unemployment rate equal to the sum of frictional and structural unemployment rates
  • believed to be around 4.5 - 5%
49
Q

Unemployment Rate

A

Percent of people in civilian labor force without jobs and seeking jobs

50
Q

Bureau of Labor Statistics

A

Each month this facility randomly surveys 60,000 homes, counts anyone who works at least one hour a week for pay or 15 hours a week as self-employed

51
Q

Unemployment Rate is expressed as

A

A percentage…dividing the number of unemployed individuals by all individuals currently in the labor force

52
Q

Overstated

A

People are required to be looking for a job if they are receiving unemployment benefits

53
Q

Understated

A
  • part time
  • underemployed: working below skill level
  • discouraged workers (stop looking/unemployed longer than 12 months)

American Economy (1 decks)

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