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Study innit > Economics Questions > Flashcards

Economics Questions Flashcards

1
Q

Questions

Define Trade union

A

A trade union is an organisation which aims to protect the interests of its worker members

i.e their terms and conditions of employment, including pay

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2
Q

Questions

Aims of employers in trade union

39

A
  1. Maximise profits
  2. Minimise costs
  3. Maximise sales
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3
Q

Questions

Aims of employees in trade union

5

A
  1. Maximise wages/salaries
  2. Work in safe and healthy environment
  3. Have good terms and conditions at work
  4. Maximise their non-wage benefits
  5. Have job security at work
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4
Q

Questions

Define collective bargaining

A

The process of trade union representatives negotiating on behalf of their worker members with employer representatives for better pay and conditions

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5
Q

Questions

Define Industrial action

A

Measures taken by trade union members as a result of major disagreements with their employers

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6
Q

Questions

What is a corporate social reponsibility

A

The ethical approach taken by firms towards their stakeholders and the environment.

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7
Q

Questions

What are the 2 Main factors affecting the strength of trade unions.

A
  1. Number of employers
  2. Degree of unity
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8
Q

Questions

Advantages of trade unions

7 (name all)

A
  1. Better living standards
  2. Reduce conflict
  3. Offer legal supports
  4. Workers are well-motivated—>more profit for the business
  5. Negotiate with behalf of their members
  6. Improves productivity for the government
  7. Act as achannel of communication between workers and employers

BROWNIA

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9
Q

Questions

Disadvantages of trade unions

3

A
  1. Portrayed in media as having a negative role in an economy
  2. Productivity may decrease if they take industial action
  3. Increase in the firm’s total costs, due to the demands for higher pay and conditions
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10
Q

Question

State the different types of industrial actions

4

A
  1. Strike > not working
  2. Work-to-rule > working the bare minimum
  3. Go-slow > Work slowly
  4. Sit-in > Show up to work, but not work
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11
Q

Deine Import quota

A

An import quota is a quantitative limit of sale of a foreign good

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12
Q

What are the effects of an import quota

A

Lower supply and higher prices

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13
Q

What is a central bank

A

A central bank of a country is the monetary authority that oversees and manages the economy’s money supply and banking system

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14
Q

What are the function of a central bank

4

A
  • The sole issuer of banknotes and coins
  • The government’s bank
  • The bankers’ bank
  • The lender of last resort
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15
Q

Define capital intensive production

A

It takes place when a firm spends more on capital costs than any other factors of production.

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16
Q

Questions

Define Globalisation

A

Globalisation is the process by which the world’s economies become increasingly interdependant and interconnected

17
Q

What is a Multinational corporation[MNC]

A

A organisation that operates in 2 or more countries

18
Q

What are the advantages of MNC

only 3

A
  • Job creation
  • Economies of scale
  • Spreading risks

JES

19
Q

What are the diszdvantages of MNC

tres

A
  • Unethical and cost-cutting practices
  • Forcing domestic firms out of business
  • Potential to exploit foreign government
20
Q

Define International Trade

A

The exchange of goods and services beyond national borders

21
Q

Define free trade

A

When international trade takes place without protectionist measures

22
Q

What are the advantages of free trade

4

AIEI

A
  • Access to resources
  • lower prices
  • Efficiency gains
  • Improved international relations
23
Q

Define protection

A

The use of trade barriers to restrain foreign trades

Thereby limiting overseas competition

24
Q

What are the methods to protection

A

Tariffs and non-Tariff barriers
* Import Quotas
* Subsidies
* Embargos

25
Q

Define Subsidy

A

Form of government financial assistant to help cut production cost of domestic firms, Enabling them to compete against foreign producers

26
Q

Define Embargo

A

Ban on trade with a certain country

27
Q

What are the reasons for trade protection

4

A

Protect infant industries and safeguard domestic jobs
Prevent dumping
Generate tax revenus
Tackle a balance of payments deficit

28
Q

What are the arguments against trade protection

3

A
  • Market inefficiencies
  • Higher production of cost for domestic suppliers
  • Possible retaliation from foreign countries
29
Q

Define Money

A

Any commdity that can be used as a medium of exchanges for the purchase of goods a services

30
Q

Name the forms of money

A
  • Cash (notes and coins)
  • Commercial bank deposits
  • Central bank reserves

CCC

31
Q

What are the functions of money

A
  • Medium of exchange
  • Measure of value
  • Store of value
  • Standard for deferred payment

MMSS

32
Q

What are the charactoristics of money

6 name all

A
  • Portability
  • Uniformity
  • Durability
  • Divisibility
  • Acceptability
  • Scarcity

PUDDAS

33
Q

What happens when there are absence of money

A

The economic resorts to a system of bartering, although this requires a double coincedence of wants in order to function

34
Q

What are commercial banks

A

Commercial banks are retail banks that provides financial services to their customers, such as savings accounts, Bank loans and Mortgages

35
Q

What are the functions of commercial banks

7 (at least 5)

A
  • Accepting deposits
  • Making advances
  • Credit creation
  • Cheque clearance
  • Foreign Exchange dealings
  • Money transfer facilities
  • Online banking

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