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Economics/Civics > Test 3 > Flashcards

Test 3 Flashcards

0
Q

screening effect

A

competition of college shows employers the applicant is intelligent and hard-working

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1
Q

Learning effect

A

education increases productivity and results in higher wages

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2
Q

contingent employment

A

temporary or part-time job

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3
Q

productivity

A

value of output

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4
Q

labor union

A

Organization for workers that try to improve working conditions, wages, and benefits

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5
Q

blue-collar worker

A

works in an industrial job and receives wages

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6
Q

white-collar worker

A

in a professional or clerical job, usually earning a salary

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7
Q

mediation

A

neutral person meets with each side to try to find a solution that both sides will accept

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8
Q

Arbitration

A

a third-party reviews the case and imposes a decision that is legally binding

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9
Q

barter

A

Exchange of one set of goods or services for another

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10
Q

money

A

anything that serves as a medium of exchange

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11
Q

store of value

A

keeps its value if stored rather than use

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12
Q

currency

A

coins and paper bills used as money

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13
Q

commodity

A

objects that have value in themselves and are also used as money

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14
Q

representative money

A

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

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15
Q

Fiat money

A

Government makes it legal tender to pay debts

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16
Q

Bank

A

An institution for receiving, keeping, and lending money

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17
Q

Gold standard

A

System in which paper money and coins are equal to a certain amount of gold

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18
Q

money supply

A

all money available in the United States economy

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19
Q

mutual fund

A

pools money to purchase short-term, low risk, investments

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20
Q

default

A

failure to pay back a loan

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21
Q

Mortgage

A

type of loan that is used to buy real estate

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22
Q

Credit card

A

entitles holder to buy goods and services based on promise to pay

23
Q

interest

A

Price paid for use of borrowed money

24
Q

principal

A

amount of money borrowed

25
Q

debit card

A

check card withdraws money from checking account

26
Q

investment

A

The use of assets to earn income or profit

27
Q

diversification

A

spreading out investments to reduce risk

28
Q

portfolio

A

A collection of financial assets

29
Q

prospectus

A

an investment report potential investors

30
Q

return

A

money investor receives above the amount initially invested

31
Q

Bond

A

receive interest for loaning money to a business or the government

32
Q

maturity

A

when payment to a bondholder is due

33
Q

yield

A

yearly rate of interest on the bond

34
Q

savings bond

A

Low denomination bond issued by the US government

35
Q

securities and exchange commission (SEC)

A

Agency of government that regulates financial market

36
Q

junk bond

A

Low rated, potentially higher-paying bond

37
Q

capital-market

A

market where money is lent for longer than a year

38
Q

money market

A

Marketware money is lent for less than a year

39
Q

share

A

portion of a stock

40
Q

dividends

A

profits paid to stockholders, usually every quarter

41
Q

Capital gain

A

difference between higher selling price and lower purchase price

42
Q

Capital loss

A

difference between lower selling price and higher purchase price

43
Q

stockbroker

A

person who links buyers and sellers of stock

44
Q

brokerage firm

A

Business that specializes in trading stocks

45
Q

stock exchange

A

market for buying and selling stock

46
Q

frictional unemployment

A

while trying to find a job

47
Q

seasonal unemployment

A

cause of harvest schedules or industries that shut down for the season

48
Q

cyclical unemployment

A

during economic downturns

49
Q

structural unemployment

A

workers skills don’t match the jobs that are available

50
Q

underemployed

A

being overqualified or working part time when you want to work full-time

51
Q

inflation

A

General increase in prices

52
Q

inflation rate

A

percentage rate of change in price level overtime

53
Q

wage price spiral

A

rising wages cause higher prices and higher prices cause higher wages

54
Q

poverty threshold

A

income is insufficient to support a family or household

55
Q

food stamps

A

Government issued coupons that recipients exchange for food

56
Q

Enterprise zone

A

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

Economics/Civics (8 decks)

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