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Chapter 9-10 vocab

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
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)
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
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
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
Popular Economics sets




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