Free Enterprise

  1. all nonmilitary people, age 16+ who are employed of seeking employment.
    labor force
  2. people who are temporarily out of work or are not employed but have looked w/n the last 4 weeks. (have to have looke for a job)
  3. Occupational Trend #1
    At the beginning of our nation, few jobs opportunities existed outside of farms
  4. Occupational trend #2
    the industrial revolution
  5. Occupational Trend #3
    1900's brought heavy manufacturing firms
  6. Occupational Trend #4
    mid-1900's brought electronics boom creating new factory jobs
  7. Occupational Trend #5
    1970's exploded the computer age
  8. The US in losing manufacturing jobs because of the _________ in service jobs
  9. In the past, most goods _______ in the Us were _________ in the US
    used, made
  10. Because capital and labor are highly mobile, many goods are made in _____________ countries
  11. _______moved foreign b/c _________ was cheaper
    Jobs,, labor
  12. education increases productivity, resulting in higher wages
    learning effect
  13. theory that college degree does no increase productivity, but identifies good emplyees because of their innate skills.
    screening effect
  14. __- businesses replacing permanent workers with temporary
    contingent employment
  15. Reasons for contigent employment
    • 1. Flexible work arrangements
    • 2. Discharging these workers are easier
    • 3. some have lower wages and fewer benefits
    • 4. Workers prefer the flexibility
  16. _____ competition has lowered the need for low-skilled workers
  17. Wages by jobs are determined simply by ______ and ________
    supply, demand
  18. workers are usually paid on the value of what they produce
  19. ____ the wage rate that produces neither an exess supply of workers or an excess demand for workers
    Equilibrium wage
  20. 4 categories of skill level
    • unskilled
    • semi skilled
    • profession
    • skilled
  21. requires no specialized skills, training, or education
  22. requires minimal specialized skills
  23. requires specializes skils and training
  24. white collar workers, requires advanced skills and education
    professional labor
  25. _______goes up as the skills go _____
    wages ,up
  26. ___can cause a difference/change in your wage
    working conditions
  27. ___= Title VII of the Civil Rights Act of 1964-prohibited discrimination based or rac, sex, color, religion, or nationality
    Anti-Descrimination laws
  28. invisible barrier that prevents women/minorities from advancing to the top
    glass ceilling
  29. opponent says it can decrease the quantity demanded(individuals make more, companies hire less)
    minimum wage laws
  30. employers response to wage levels
    buy more machines, cut labor
  31. An organization of workers which tries to improve working conditions, wages, and benefits.
    Labor Union
  32. ___- ger wage increases for members; negotiate wages as a group
    key goal
  33. ___nationally tend to earn more money then________
  34. ____% of American workers are in a labor union
  35. unions founded in response to changes brought about due industrial revolution and the creation of manufacturing jobs
    workers in the 1800's
  36. working conditions
    • 1. 12-16 hour days, 7 days a week
    • 2. lost sight, hearing and limbs on unsafe equipment
    • 3. children as young as five worked
    • 4. injured workers often lost jobs
  37. Causes of Union declines
    • 1. Abused power
    • 2. links to organized crime
    • 3. right to work laws
    • 4. loss of manufacturing jobs which employed blue collar workers who earn wages
    • 5. increase of white collar jobs, which traditionally nonunion and eran salaries
    • 6. Foreign competition has hurt the manufacturing industry
  38. what year did Unions become legalized
  39. the process in which union and company representative meen periodically to negotiate a new labor contract
    collective bargaining
  40. strikes
    • 1. ultimate union weapon
    • 2. must be voted on
    • 3. can cripple a company.
    • 4. strikebreakers hired to work.
    • 5. workers not paid
  41. a neutral 3rd party comes in and meets with each side to find a solution both can agree on; decision is non binding and neither side is required to accept it
  42. a neutral 3rd party who reviews the case and makes a decision that is legally binding to both sides
Card Set
Free Enterprise
Production and labor