Unit 2 🃏 Flashcards
Blue collar
Working class person who performs in the office manual labor .
Unskilled labor
Work that requires little or no experience training to do or consist of routine tasks
Labor union
Group of workers who have joined together common purpose to improve the terms and conditions under which employees work
Productivity
Ability to produce greater quantities of goods services in better and faster way
Glass ceiling
Invisible barrier to top level jobs
Collective bargaining
Way business and union negotiate wages and working conditions and job security
Human capital
Knowledge skills and capabilities of individual that have economic value to an organization
Barter system
System of exchange in which goods or services are traded directed to other goods or services
6 characteristics of money
Durability and portability divisibility uniformity and limited supply and acceptability
Limited supply
Demand is high , sellers have pressure to raise the price because their is limited supply .
Representative money
Example money credit cards has value because holder can exchange it something else for value
Stock
Share of ownership in a corporation
Free banking era
Second back charter renewed in 1832 another period dominated by state chartered banks took hold
FDIC
Federal deposit insurance corporation an independent deposit insurance agency created by congress in 1933 to maintain stability and public confidence in nation Banking system
Mortgage
A specific type of loan that is used to purchase real estate ( land )
