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