Collective Bargaining:

is the process in which working people, through their unions, negotiate contracts with their employers to determine their terms of employment, including pay, benefits, hours, leave, job health and safety policies, ways to balance work and family, and more

is an organization formed by workers to have a voice in their workplace and negotiate with employers over work-related issues.

are taxes imposed by one country on goods imported from another country. Tariffs hurt consumers in the country that imposes the tariff because of the increased prices of imported goods.

Externality and Externalized Cost

Externality - someone else pays for the consequences because of the company. External costs are costs imposed upon a third party when goods and services are produced and consumed. An example of an externality would be loud noise from a nearby concert that

Supply is the amount of a specific good or service that's available in the market. Demand is the amount of the good or service that customers want to buy. Supply and demand are both influenced by the price of goods and services. Toilet paper: At the start

When companies use crises to raise prices. Ex: Gas increasing after Hurricane Katrina

When companies shrink their products and get smaller but the price still remains the same.

Entitlements vs Means tested:

Entitlements: social security, unemployment, disability, and Medicare - universal, everyone pays into it. Means-tested - needs-based - need to qualify for it

Unemployed vs Underemployed vs Marginally attached:

Unemployed are civilians 16+ who were not at work, actively looking for work in the last 4 weeks, Underemployment - people who work multiple part-time jobs in order to maintain a full time job. Marginally attached - not looking for work - odd jobs - gave

is the failing to pay wages or provide employee benefits owed to an employee by contract or law.

The Commons vs Privatization

Commons - land or service available to everyone, e.g. public parks, libraries. Privatization can mean several different things, most commonly referring to moving something from the public sector into the private sector.

Outsourcing is the practice that organizations use to hire outside contractors or external companies to perform tasks or create goods. Outsourcing - sending jobs somewhere else.

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LBR 101

Question	Answer
Collective Bargaining:	is the process in which working people, through their unions, negotiate contracts with their employers to determine their terms of employment, including pay, benefits, hours, leave, job health and safety policies, ways to balance work and family, and more
Union	is an organization formed by workers to have a voice in their workplace and negotiate with employers over work-related issues.
Tariff	are taxes imposed by one country on goods imported from another country. Tariffs hurt consumers in the country that imposes the tariff because of the increased prices of imported goods.
Externality and Externalized Cost	Externality - someone else pays for the consequences because of the company. External costs are costs imposed upon a third party when goods and services are produced and consumed. An example of an externality would be loud noise from a nearby concert that
Supply and Demand	Supply is the amount of a specific good or service that's available in the market. Demand is the amount of the good or service that customers want to buy. Supply and demand are both influenced by the price of goods and services. Toilet paper: At the start
Greedflation	When companies use crises to raise prices. Ex: Gas increasing after Hurricane Katrina
Shrinkflation	When companies shrink their products and get smaller but the price still remains the same.
Entitlements vs Means tested:	Entitlements: social security, unemployment, disability, and Medicare - universal, everyone pays into it. Means-tested - needs-based - need to qualify for it
Unemployed vs Underemployed vs Marginally attached:	Unemployed are civilians 16+ who were not at work, actively looking for work in the last 4 weeks, Underemployment - people who work multiple part-time jobs in order to maintain a full time job. Marginally attached - not looking for work - odd jobs - gave
Wage Theft	is the failing to pay wages or provide employee benefits owed to an employee by contract or law.
The Commons vs Privatization	Commons - land or service available to everyone, e.g. public parks, libraries. Privatization can mean several different things, most commonly referring to moving something from the public sector into the private sector.
Outsourcing	Outsourcing is the practice that organizations use to hire outside contractors or external companies to perform tasks or create goods. Outsourcing - sending jobs somewhere else.

Created by: Eleon1

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