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 )
M 1
Highest liquidity currency in circulation checkable bank deposits
M2
Saving deposit money market account time deposits cds money market funds
Equity
Situation  In an economy in which distribution of resources or goods among people
Revenue
Income earned by business over a period of time once a month . The amount of revenue earned depends on two things . “ the number , the teams sold their selling price is short . Revenue price times quantity
Blue chip stock
Stock in corporation with national reputation for quality reliability and ability to operate profitably
Bear market
General decline in stock market stock prices goes down
Labor force
Total number of adults who are either employed or seeking work
4 phases of business cycle
Expansion peak contraction trough
