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Econ 2023 > Unit 4 Exam Review > Flashcards

Unit 4 Exam Review Flashcards

(53 cards)

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1
Q

What is the difference between Craft unions and Industrial Unions?

A

Craft unions are made up of members who perform the same work, industrial unions are made up of members who perform different kinds of work but in the same industry

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2
Q

Union organized work stoppage designed to gain concessions from an employer

A

Strike

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3
Q

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

A

Picket

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4
Q

Protest in the form of refusal to buy

A

Boycott

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5
Q

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

A

Right-to-work-laws

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6
Q

explanation stating that the supply and demand of a worker’s skills and services determine the wage or salary

A

Market Theory of Wage Determination

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7
Q

Explanation of Wage rates based on the bargaining strength of organized labor

A

Theory of Negotiated Wages

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8
Q

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

A

Signaling Theory

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9
Q

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

A

Collective Bargaining

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10
Q

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

A

Mediation

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11
Q

Agreement by two to place a dispute before a third party for a binding settlement

A

Arbitration

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12
Q

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

A

Fact-Finding

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13
Q

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

A

Injunction

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14
Q

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

A

Seizure

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15
Q

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

A

Glass ceiling

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16
Q

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

A

two-tier wage system

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17
Q

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

A

giveback

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18
Q

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

A

Business Cycles

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19
Q

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

A

Business Fluctuations

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20
Q

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

A

Recession

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21
Q

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

A

Peak

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22
Q

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

23
Q

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

24
Q

Index used to measure price changes for a
market basket of frequently used consumer items.

25
State of the economy with large numbers of unemployed, declining real incomes, overcapacity in manufacturing plants, and general economic hardship.
Depression
26
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
27
noninstitutionalized part of the population, aged 16 and over, either working or looking for a job.
Civilian Labor Force
28
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
29
Ratio of unemployed individuals divided by total number of persons in the civilian labor force, expressed as percentage
unemployment rate
30
unemployment caused by workers changing jobs or waiting to go to new ones.
Frictional Unemployment
31
unemployment caused by a fundamental change in the economy that reduces the demand for some workers.
Structural Unemployment
32
unemployment caused by technological developments or automation that make some workers' skills obsolete.
Technological Unemployment
33
unemployment directly related to swings in the business cycle.
Cyclical Unemployment
34
unemployment caused by annual changes in the weather or other conditions that prevail at certain times of the year.
Seasonal Unemployment
35
When was the first attempt to organize labor
The first attempt to organize labor in America was in 1778,
36
During the Great depression, what ratio of workers were without jobs
1 in 4
37
what does high demand and low supply mean?
High annual wages
38
What are the 4 explanations of wage determination?
- Noncompeting Categories of Labor - Market theory of wage determination - Theory of negotiated Wages - Signaling theory
39
What are the Noncompeting Categories of Labor?
- Unskilled Labor - Semi-Skilled Labor - Skilled Labor - Professional Labor
40
What are 7 ways to solve labor disputes?
Collective Bargaining Mediation Arbitration Fact Finding Injunction Seizure Presidential intervention
41
What are 3 reasons for lower income for women?
- Human Capital Differences - Gender And occupation - Discrimination
42
what are the 5 causes of business cyles?
- External Shocks - Changes in Investment Spending - Changes in monetary policy - Fiscal-Policy Shocks - Speculation and "Bubbles"
43
External Shocks
an increase in oil prices, wars, or international conflicts
44
Changes in investment Spending
changes in capital expenditures
45
changes in monetary policy
point to the federal reserve system's policies on interest rates
46
Fiscal-Policy Shocks
fiscal policy, the use of federal government spending and revenue-collection measures, have also been blamed
47
Speculation and "bubbles"
expectations about the future
48
ratio of unemployed individuals divided by total number of persons in the civilian labor force, expressed as a percentage.
Unemployment Rate
49
unemployment caused by workers changing jobs or waiting to go to new ones.
Frictional Unemployment
50
unemployment caused by a fundamental change in the economy that reduces the demand for some workers.
Structural Unemployment:
51
unemployment caused by technological developments or automation that make some workers’ skills obsolete.
Technological Unemployment
52
unemployment directly related to swings in the business cycle.
Cyclical Unemployment
53
unemployment caused by annual changes in the weather or other conditions that prevail at certain times of the year.
Seasonal Unemployment

Econ 2023 (11 decks)

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