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Economics
Chapter 9-10 vocab
| Question | Answer |
|---|---|
| Labor force | all nonmilitary PEOPLE who are EMPLOYED or UNEMPLOYED |
| Outsourcing | the practice of CONTRACTING WITH ANOTHER COMPANY to do a specific job that would otherwise be done by a company's own workers |
| Offshoring | the movement of some of a company's OPERATIONS TO ANOTHER COUNTRY |
| Learning effect | the theory that EDUCATION INCREASES efficiency of production and thus results in HIGHER WAGES |
| Screening effect | the theory that the completion of college indicates to EMPLOYERS that a JOB APPLICANT IS INTELLIGENT and hard-working |
| Contingent employment | a temporary and PART-TIME JOB |
| Guest workers | MEMBERS of the labor force from ANOTHER COUNTRY who are ALLOWED TO LIVE AND WORK in the United States only temporarily |
| Devived demand | a type of demand that is set by the DEMAND FOR ANOTHER GOOD or service |
| Productivity of labor | the QUALITY OF OUTPUT produced by a unit of labor |
| Equilibrium wage | the wage rate that is set when the SUPPLY OF WORKERS = DEMAND FOR WORKERS in the labor market |
| Unskilled labor | work that REQUIRES NO SPECIALIZED SKILLS, education, or training (JANITORS) |
| Semi-skilled labor | work that REQUIRES MINIMAL SPECIALIZED SKILLS and education (LIFEGUARDS) |
| Skilled labor | work that REQUIRES SPECIALIZED skills and TRAINING (CARPENTERS) |
| Professional labor | work that REQUIRES ADVANCED SKILLS and education (TEACHERS) |
| Glass ceiling | an unoffical BARRIER THAT sometimes PREVENTS WOMAN and minorities FROM ADVANCING TO THE TOP RANKS of organization dominated BY WHITE MEN (SEXIST !!!!) |
| Labor union | an ORGANIZATION OF WORKERS that tries to IMPROVE WORKING CONDITIONS, wages, and benefits for its members |
| Featherbedding | the practice of negotiating labor contracts that keep UNNECESSARY WORKERS on the COMPANY'S PAYROLL |
| Strike | an organized work stoppage intended to force an employer TO ADDRESS UNION DEMANDS |
| Right-to-work law | a measure that BANS mandatory UNION MEMBERSHIP |
| Blue-collar worker | someone who PERFORMS MANUAL LABOR, often in a manufacturing job, and who earns an HOURLY WAGE (CONSTRUCTION) |
| White-collar worker | someone who works in a PROFESSIONAL or clenical JOB and who usually earns a WEEKLY SALARY (MANAGERS) |
| Collective bargaining | the process in which union and company management meet to NEGOTIATE A NEW LABOR CONTRACT |
| Mediation | a SETTLEMENT TECHNIQUE in which a NEUTRAL PERSON meets with each side to try to find a SOLUTION THAT BOTH SIDES WILL ACCEPT |
| Arbitration | a SETTLEMENT TECHNIQUE in which a neutral THIRD PARTY LISTENS TO BOTH SIDES and then imposes a DECISION THAT IS LEGALLY BINDING for both the company and the union |
| Money | anything that serves as a MEDIUM OF EXCHANGE, a unit of account, and a store of value |
| Medium of exchange | anything that is used to determine value during the EXCHANGE OF GOODS and services |
| Barter | the direct EXCHANGE OF ONE SET of goods or services FOR ANOTHER (TRADING) |
| Unit of account | a means for COMPARING THE VALUES OF goods and SERVICES |
| Store of value | something that KEEPS ITS VALUE if it is stored rather than spent |
| Currency | COINS AND PAPER BILLS used AS MONEY |
| Commodity money | OBJECTS THAT HAVE VALUE in and of themselves and that are also used as money (GOLD) |
| Representative money | OBJECTS that have value because the holder CAN EXCHANGE THEM FOR SOMETHING ELSE PF VALUE (TOKENS) |
| Specie | COINED MONEY used to back paper money |
| Fiat money | OBJECTS that have value because a GOVERNMENT has decreed that they are an ACCEPTABLE means to PAY DEBTS (U.S. DOLLAR) |
| Bank | an INSTITUTION for RECEIVING, KEEPING, AND LENDING MONEY |
| National bank | a BANK chartered by the FEDERAL GOVERNMENT |
| Bank run | a WIDESPREAD PANIC in which many people try to REDEEM their paper MONEY AT THE SAME TIME (STOCK MARKET CRASH OF 1924) |
| Greenback | a PAPER CURRENCY issued during the CIVIL WAR |
| Gold standard | a MONETARY SYSTEM in which paper money and coins had the value of CERTAIN AMOUNTS OF GOLD |
| Central bank | a BANK that can lend to OTHER BANKS IN TIME OF NEED |
| Member bank | a bank that belongs to the FEDERAL RESERVE SYSTEM |
| Foreclosure | the seizure of PROPERTY from borrowers who are UNABLE TO REPAY THEIR LOANS |
| Money supply | ALL THE MONEY available in the UNITED STATES ECONOMY |
| Liquidity | the ability to be used as, or directly CONVERTED TO, CASH (HOUSE) |
| Demand deposit | money in a CHECKING ACCOUNT that can be paid out "ON DEMAND" or at any time |
| Money market mutual fund | a fund that pools money from SMALL SERVERS to purchase SHORT-TERM GOVERNMENT and corporate SECURITIES |
| Fractional reserve banking | a BANKING SYSTEM that keeps only a FRACTION OF ITS FUNDS on hand and lends out of REMAINDER |
| Default | FAILING TO PAY BACK A LOAN |
| Mortgage | a specific type of LOAN that is used TO BUY REAL ESTATE |
| Credit card | a CARD entitling its owner to BUY GOODS and services based on the owner's PROMISE TO PAY for those goods and services |
| Interest | the PRICE PAID for the use of BORROWED MONEY |
| Principal | the AMOUNT OF MONEY BORROWED |
| Debit card | a CARD used to WITHDRAW MONEY from a BANK ACCOUNT |
| Creditor | a PERSON or institution TO WHOM MONEY IS OWED |
Created by:
VKimbrell718
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