Brainscape's Knowledge GenomeTM

Browse over 1 million classes created by top students, professors, publishers, and experts.


See full index

(Summer) Economics > Q3: stuff from the book yk > Flashcards

Q3: stuff from the book yk Flashcards

1
Q

Labor Force

A

All nonmilitary people who are employed or unemployed.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
2
Q

Requirements for Employment (minimum 16 yrs old)

A
  • Worked at least one hour for pay in the past week
  • Worked 15 or more hours without pay in the family business
  • Held jobs but did not work due to illnesses, vacations, labor disputes, or bad weather
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
3
Q

Labor Stats

A
  • Population in the labor force went up from 59.2% in 1950 to 63.2% in 2013.
  • Unemployment was abt 144mil people in 2013 76 mil were men and 68 mil were women.
  • July 2007 unemployment rate was 4.6%. 2010 unemployment rate was 9.6%. Nov 2013 it was 6.6%.
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
4
Q

Outsourcing

A

companies contract with another company to do a specific job that would otherwise be done by a company’s own workers.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
5
Q

Offshoring

A

The movement of some of a company’s operations, or resources of production, to another country

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
6
Q

Learning Effect

A

the theory that education increases efficiency of production and thus results in higher wages

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
7
Q

Screening Effect

A

the completion of college signals to employers that the applicant is intelligent and hardworking

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
8
Q

Contingent-Employment

A

temporary and part time jobs

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
9
Q

Guest Workers

A

Foreigners allowed to work and live in the US temporarily. companies wanting to hire them must show that they cannot meet labor needs from native-born workers first.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
10
Q

Strike

A

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

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
11
Q

Samuel Gompers

A

important leader in the early labor movement. focused on three goals: higher wages, shorter hours, and safer work environments.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
12
Q

Right-to-Work Laws

A

Part of the Taft-Hartley Act of 1947. measures that ban mandatory union membership. an effort to curb union power and could be considered a reason why numbers lessened.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
13
Q

Blue-Collar Workers

A

workers who preform manual labor, often manufacturing, and earn an hourly wage. have had a decline in numbers.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
14
Q

White-Collar Workers

A

someone in a professional or clerical job who usually earns a weekly salary.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
15
Q

Collective Bargaining

A

the process in which union and company management meet to negotiate a new labor contract.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
16
Q

Union Goals (Generally)

A
  • Wages and Benefits
  • Working Conditions such as safety
  • Job Security
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
17
Q

Mediation

A

A settlement technique where a neutral 3rd party meets with each side (union and company) to try and find a solution that both sides will accept.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
18
Q

Arbitration

A

a technique where the neutral third party listened to both sides and imposes a decision.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
19
Q

Money Supply

A

all of the money that is available in the US economy. economists split it into many categories, the main ones are called M1 and M2.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
20
Q

M1

A

money that people can gain access to easily and immediately to pay for goods and services. (made of Currency, Demand Deposits, Traveler’s Checks(v little), and other checkable deposits)

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
21
Q

liquidity

A

money that has the ability to be used as, or directly converted into, cash

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
22
Q

Demand Deposits

A

funds in checking accounts. because checks can be paid “on demand”.

23
Q

M2

A

all the assets of M1 plus additional ones. cannot be used as cash directly but could be converted to cash fairly easily. (made of Savings deposits, retail money market funds, small denomination time deposits, total M1)

24
Q

Money Market Mutual Funds

A

included in M2. funds that pool from a large number of small savers to purchase short-term government and corporate securities. earn interest and can be used to cover checks written over a certain amount.

25
Q

Functional Reserve Banking

A

a banking system that keeps only a fraction of its funds on hand and lends out the remainder.

26
Q

Default

A

failure to pay back loans

27
Q

Mortgage

A

a specific type of loan that is used to buy real estate.

28
Q

Credit Cards

A

cards entitling their owners to buy goods and services based on the owners’ promises to pay.

29
Q

Interest

A

the price paid for the use of borrowed money

30
Q

principal

A

amount of money borrowed

31
Q

commercial banks

A

offer checking accounts, accept deposits, and make loans to businesses and individuals.

32
Q

Finance Companies

A

make installment loans to consumers

33
Q

Debit Card

A

can be used at an ATM (automated teller machine) to withdraw money. basically just a way to store money online.

34
Q

Creditor

A

a person or institution to whom money is owed

35
Q

Three Components of Bonds

A
  • Coupon Rate
  • Maturity
  • Par Value
36
Q

Coupon Rate

A

the interest rate that a bond issuer will pay to a bondholder

37
Q

Maturity

A

the time at which payment to a bondholder is due

38
Q

Par Value

A

the amount to be paid to the bondholder at the maturity. also called face value or principal

39
Q

Yield

A

the annual rate of return on a bond if the bond is held to maturity

40
Q

Bond Ratings

A

the higher the bond rating, the higher the price at which the bond will sell.

41
Q

Benefits of Bonds

A
  • once the bond is sold, the coupon rate will not change

- bondholders do not own a part of the company

42
Q

Costs of Bonds

A
  • company must make fixed interest payments, even if it doesn’t make money or interest rates change
  • if the firm does not remain financially healthy its bond ratings will be downgraded and bonds will be harder to sell
43
Q

Savings Bonds

A

low-denomination bonds issued by the US government. have virtually no risk of default.

44
Q

Treasury Bonds, Bills, and Notes

A

offer different lengths of maturity and are backed by full-faith and credit. among the safest investments in terms of default risk.

45
Q

Inflation-Indexed Bond

A

links the principal and interest to an inflation index-a measure of how fast prices are rising. results in receiving the return you thought you would when you first bought the bond.

46
Q

Municipal Bonds

A

state, local, and municipal govs issue bonds to finance projects such as highways, state buildings, libraries, parks, and schools.

47
Q

Corporate Bonds

A

bonds issued by corporations, usually in denominations of $1,000 or $5,000.

48
Q

Junk Bonds

A

bonds with a high risk of default but potentially high yield

49
Q

Certificates of Deposit

A

one of the most common forms of investment. attractive to small investors.

50
Q

Capital Markets

A

markets in which money is lent for periods longer than a year

51
Q

Money Markets

A

markets in which money is lent for periods of one year or less

52
Q

Primary Markets

A

financial assets that can be redeemed only by the original holder are sold on primary markets.

53
Q

Secondary Markets

A

financial assets that can be resold are sold on secondary markets

(Summer) Economics (6 decks)

Brainscape helps you reach your goals faster, through stronger study habits.
© 2024 Bold Learning Solutions. Terms and Conditions