Help
Options
Didn't know it?
click below
click below
Knew it?
click below
click below
Don't Know
Remaining cards (0)
Know
retry
shuffle
restart
0:00
Embed Code - If you would like this activity on your web page, copy the script below and paste it into your web page.
Normal Size Small Size show me how
Normal Size Small Size show me how
EnterpriseLabor&Econ
Enterprise, Labor, and Measuring the Economy - PES
| Question | Answer |
|---|---|
| Economies of Scale | Situation in which an increase in the quantity produced decreases the long run average cost of production |
| Explicit Cost | Actual cash payments for the influence of a firm |
| Implicit Cost | Opportunity Cost for non-purchased inputs |
| Fixed Costs | Costs that do not depend on the quantity produced |
| Average Fixed Cost | Average Fixed Cost = Fixed Cost/Quantity of output produced |
| Variable Costs | Costs that vary as the firm produced different amounts of output |
| Short-Run Average Variable Cost (SRAVC) | SRAVC = Total Variable Cost/Quantity of Output |
| Short-Run Marginal Cost (SRMC) | Change in SRTC resulting from producing one more unit of output |
| Short-Run Total Cost (SRTC) | Total cost of production in the short run when 1+ inputs are fixed; SRTC = Fixed Cost + Variable Cost |
| Short-Run Average Total Cost (SRATC) | SRATC = SRTC/Quantity of Output; SRATC = Average Fixed Cost + SRAVC |
| Long-Run Total Cost (LRTC) | Total cost of production in the long run when a firm is perfectly flexible in its choice of all inputs and can choose a production facility of any size |
| Long-Run Average Cost (LRAC) | LRAC = LRTC/Quantity of Output |
| Economic Cost | Explicit Cost + Implicit Cost |
| Indivisible Input | An input that cannot be scaled down to produce a smaller quantity of output |
| Marginal Product of Labor (MPL) | Change in output resulting from 1 additional unit of labor |
| Marginal Revenue Product of Labor (MRPL) | Extra revenue generated from 1 additional unit of labor; MRPL = Price of Output*MPL |
| Marginal Labor Cost (MLC) | Increase in total labor cost resulting from 1 additional unit of labor |
| Short-Run Demand Curve for Labor | Curve showing the relationship between the wage and the quantity of labor demanded over the short run |
| Long-Run Demand Curve for Labor | Curve showing the relationship between the wage and the quantity of labor demanded over the long run |
| Market Supply Curve for Labor | Curve showing the relationship between the wage and the quantity of labor supplied |
| Input Substitution Effect | Change in the quantity of labor demanded resulting from a change in the relative cost of labor |
| Output Effect | Change in the quantity of labor demanded resulting from a change in the quantity of output produced |
| Learning Effect | Increase in the wage of a person resulting from the learning of skills required for certain occupations |
| Signaling Effect | Increase in the wage of a person resulting from the signal of productivity provided by completing college |
| Monopsony | Market in which there is a single buyer of an input |
| Paying Efficiency Wages | Practice of a firm paying a higher wage to increase the average productivity of its work force |
| Professional | Highly Trained Highly Educated Yearly Salaries Highest Paid |
| Unskilled | Basic Literacy On the Job Training Hourly Wage Lowest Paid |
| Labor Union | Organized group of workers; The objectives of the organization are to increase job security, improve working conditions, and increase wages and fringe benefits |
| Craft Union | Labor organization that includes all types of workers from a particular occupation |
| Industrial Union | Labor organization that includes all types of workers from a single industry |
| Closed Shop | Workplace where one cannot be hired unless the individual already has a union membership |
| Union Shop | Workplace where a union membership is required upon hiring as a condition of employment |
| Agency Shop | Workplace where an employee is not required to have union membership, but must pay union dues upon hiring |
| Grievance | Formal Complaint |
| Wagner Act | (1935) Guarantees workers the right to join unions and requires each firm to bargain with a union formed by a majority of the employees of the firm. The National Labor Relations Board was established to enforce the provisions of this act. (Pro Labor) |
| Taft-Hartley Act | (1947) Gave the government the power to stop strikes that imperiled the national health or safety and gave 21 states the ability to pass Right to Work Laws. These laws outlaw union shops. (Pro-Management) |
| Landrum-Griffin Act | (1959) Response of allegations of misconduct and corruption by union officials. This act guarantees union members the right to fair elections, facilitated the monitoring of union finances, and made the theft of union funds a federal offense. |
| Economic Growth | Sustained increases in the real production of an economy over a period of time |
| Gross Domestic Product (GDP) | Total value of all final goods and services produced in an economy in a given year |
| Real Gross Domestic Product (Real GDP) | Measure of GDP that adjusts for changes in prices |
| Nominal Gross Domestic Product (Nominal GDP) | Value of GDP in current dollars |
| Gross National Product (GNP) | GNP = GDP + Net Income earned abroad |
| Private Investment Expenditures | Purchases of newly produced goods and services by firms |
| Gross Investment | Actual investment purchases |
| Depreciation | Wear and tear of capital cost as it is used in production |
| Net Investment | Gross Investment - Depreciation |
Created by:
bmaze
Popular Business sets