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Economics (senior year) > Economic Midterm Part 2 > Flashcards

Economic Midterm Part 2 Flashcards

0
Q

The wage rate that produces neither an excess supply of workers nor an excess demand for workers in the labor market

A

Equilibrium Wage

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1
Q

Value of output produced

A

Productivity

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2
Q

Labor that requires no specialized skills, education, or training

A

Unskilled Labor

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3
Q

Labor that requires minimal specialized skills and education

A

Semi-Skilled Labor

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4
Q

Labor that requires specialized skills and training

A

Skilled Labor

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5
Q

Labor that requires advanced skills and education

A

Professional Labor

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6
Q

An unofficial, invisible barrier that prevents women and minorities from advancing in businesses dominated by white men

A

Glass Ceiling

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7
Q

An organization of workers that tries to improve working conditions, wages, and benefits for its members

A

Labor Union

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8
Q

The practice of negotiating labor contracts that keep unnecessary workers on a company’s payroll

A

Featherbedding

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9
Q

An organized work stoppage intended to force an employer to address union demands

A

Strike

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10
Q

The process in which union and company representatives meet to negotiate a new labor contract

A

Collective Bargaining

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11
Q

A settlement technique in which a neutral mediator meets with each side to try to find a solution that both sides will accept

A

Mediation

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12
Q

A settlement technique in which a third party reviews the case and imposes a decision that is legally binding for both sides

A

Arbitration

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13
Q

Anything that serves as a medium of exchange, a unit of account, and a store of value

A

Money

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14
Q

The direct exchange of one set of goods or services for another

A

Barter

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15
Q

Something that keeps its value if it is stored rather than used

A

Store of Value

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16
Q

Coins and paper bills used as money

A

Currency

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17
Q

Objects that have value because the holder can exchange them for something else of value

A

Representative Money

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18
Q

Money that has value because the government has ordered that it is an acceptable means to pay debts

A

Fiat Money

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19
Q

An institution for receiving, keeping, and lending money

A

Bank

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20
Q

The nation’s central banking

A

Federal Reserve System

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21
Q

The government agency that insures customer deposits if a bank fails

A

Fed Deposit Insurance Corp

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22
Q

The ability to be used as, or directly converted to, cash

A

Liquidity

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23
Q

Market in which money is lent for periods less than a year

A

Money Market

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24
Q

A specific type of loan that is used to buy real estate

A

Mortgage

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25
Q

A card entitling its holder to buy goods and services based on the holder’s promise to pay for these goods and services

A

Credit Card

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26
Q

The price paid for the use of borrowed money, or money earned by deposited funds

A

Interest

27
Q

The amount of money borrowed

A

Principle

28
Q

Person or institution to whom money is owed

A

Creditor

29
Q

Goods that last for a relatively long time, such as refrigerators, cars, and DVD players

A

Durable Good

30
Q

Goods that last a short period of time, such as food, light bulbs, and sneakers

A

Nondurable Good

31
Q

The loss of the value of capital equipment that results from normal wear and tear

A

Depreciation

32
Q

The average of all prices in the economy

A

Price Level

33
Q

A period of economic growth as measured by a rise in the real GDP

A

Expansion

34
Q

Steady, long-term increase in real GDP

A

Economic Growth

35
Q

The height of an economic expansion, when real GDP stops rising

A

Peak

36
Q

Period of economic decline marked by falling real GDP

A

Contraction

37
Q

The lower point in an economic contraction, when real gross domestic product stops falling

A

Trough

38
Q

A prolonged economic contraction

A

Recession

39
Q

a recession that is especially long and severe

A

Depression

40
Q

Key economic variables that economists use to predict a new phase of the business cycle

A

Leading Indicators

41
Q

Unemployment that occurs when people take time to find a job

A

Frictional Unemployment

42
Q

Unemployment that occurs as a result of harvest schedules or vacations, or when industries slow or shut down for a season

A

Seasonal Unemployment

43
Q

Unemployment that occurs when workers’ skills do not match the jobs that are available

A

Structural Unemployment

44
Q

Unemployment that rises during economic downturns and falls when the economy improves

A

Cyclical Unemployment

45
Q

The percentage of the nation’s labor force that is unemployed

A

Unemployment rate

46
Q

Working at a job for which one is overqualified, or working part-time when full-time work is desired

A

Underemployed

47
Q

A general increase in prices

A

Inflation

48
Q

A price index determined by measuring the price of a standard group of goods meant to represent the typical “market basket”

A

Consumer Price Index

49
Q

The percentage rate of change in price level over time

A

Inflation Rate

50
Q

The process by which rising wages cause higher prices and higher prices cause higher wages

A

Wage-Price Spiral

51
Q

A sustained drop in the price level

A

Deflation

52
Q

The percentage of people who live in households with income below the official poverty line

A

Poverty Rate

53
Q

Area where companies can locate free of certain local, state, and federal taxes and restrictions

A

Enterprise Zone

54
Q

Federal funds given to states in lump sums

A

Block Grand

55
Q

A program requiring work in exchange for temporary assistance

A

Workfare

56
Q

A nation’s gross domestic product divided by its total population

A

Per Capita GDP

57
Q

The extensive organization of an economy for the purpose of manufacturing

A

Industrialization

58
Q

Level of farming in which a person raises only enough food to feed his or her family

A

Subsistence Agriculture

59
Q

The number of deaths that occur in the first year of life per 1,000 live births

A

Infant Mortality Rate

60
Q

The services and facilities necessary for an economy to function

A

Infrastructure

61
Q

Less developed country that has shown significant improvement in the measures of development

A

Newly Industrialized Country

62
Q

Suitable for producing crops

A

Arable

63
Q

Inadequate nutrition

A

Malnutrition

64
Q

Small donations given to third world entrepreneurs

A

Micro Loans (exception)

Economics (senior year) (7 decks)

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