Q3: stuff from the book yk Flashcards
Labor Force
All nonmilitary people who are employed or unemployed.
Requirements for Employment (minimum 16 yrs old)
- 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
Labor Stats
- 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%.
Outsourcing
companies contract with another company to do a specific job that would otherwise be done by a company’s own workers.
Offshoring
The movement of some of a company’s operations, or resources of production, to another country
Learning Effect
the theory that education increases efficiency of production and thus results in higher wages
Screening Effect
the completion of college signals to employers that the applicant is intelligent and hardworking
Contingent-Employment
temporary and part time jobs
Guest Workers
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.
Strike
an organized work stoppage intended to force and employer to address union demands
Samuel Gompers
important leader in the early labor movement. focused on three goals: higher wages, shorter hours, and safer work environments.
Right-to-Work Laws
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.
Blue-Collar Workers
workers who preform manual labor, often manufacturing, and earn an hourly wage. have had a decline in numbers.
White-Collar Workers
someone in a professional or clerical job who usually earns a weekly salary.
Collective Bargaining
the process in which union and company management meet to negotiate a new labor contract.
Union Goals (Generally)
- Wages and Benefits
- Working Conditions such as safety
- Job Security
Mediation
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.
Arbitration
a technique where the neutral third party listened to both sides and imposes a decision.
Money Supply
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.
M1
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)
liquidity
money that has the ability to be used as, or directly converted into, cash
Demand Deposits
funds in checking accounts. because checks can be paid “on demand”.
M2
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)
Money Market Mutual Funds
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.
