Ch 9 Free Enterprise

Front 1

Econimics define the labor force as all ______ people who are employed or unemployed

Back 1

nonmilitary

Front 2

People are considered employed if :

Back 2

16 or older and either
-1 hour pay in last week
-15 hours on family farm with nopay
-off for sick, vacation, weather, labor disputes

Front 3

People are considered unemployed if:

Back 3

-16 or older
-do not have a job
-actively looking in last 4 weeks
-currently available for work

Front 4

The economy in US was mainly an _________ economy in the 1800's

Back 4

agricultural

Front 5

The economy evolved into a _________ economy in the 1900's

Back 5

Industrial

Front 6

_________ revolutionized the economy in the late 1900's

Back 6

Computer Chip

Front 7

Overall, the US is shifting from a manufacturing economy to a ___________ economy

Back 7

service

Front 8

As service jobs increase, the nation is losing _________ jobs

Back 8

manufacturing

Front 9

Demand for skilled labor is _______ and the supply of skilled workers is ________ to meet the demand

Back 9

rising
increasing

Front 10

________ is the theory that education increases productivity

Back 10

Learning Effect

Front 11

________ suggests that the completion of college indicates to employers that a job applicant is intelligent and hard working.

Back 11

Screening effect

Front 12

Overall, the number of women in the work force has increased form about ____ % of all women in 1960 to ____% in 1995

Back 12

38
58

Front 13

________ employment is temporary or part time employment

Back 13

contingent

Front 14

List the benefits to employers of temporary employees

Back 14

-flexible work arrangents
-easy discharge with lack of severance pay
-temp workers are paid less and receive benefits
-some employees prefer flexible hrs

Front 15

What are some of the trends in wages and benefits?

Back 15

-earnings for college graduates have increased
-non educated wages decreased
-weekly average earnings have decreased
-benefits have increased
-cost of benefits have increased

Front 16

_______ now makes up 28% of total compensation in the economy

Back 16

benefits

Front 17

Rising benefits costs _____ the cost of doing business and decrease profits

Back 17

rising

Front 18

Many firms are turning to ______ to curb the rising cost of benefits.

Back 18

contingent employees

Front 19

________ suggests that the completion of college indicates to employers that a job applicant is intelligent and hard working.

Back 19

Screening effect

Front 20

Overall, the number of women in the work force has increased form about ____ % of all women in 1960 to ____% in 1995

Back 20

38
58

Front 21

________ employment is temporary or part time employment

Back 21

contingent

Front 22

List the benefits to employers of temporary employees

Back 22

-flexible work arrangents
-easy discharge with lack of severance pay
-temp workers are paid less and receive benefits
-some employees prefer flexible hrs

Front 23

What are some of the trends in wages and benefits?

Back 23

-earnings for college graduates have increased
-non educated wages decreased
-weekly average earnings have decreased
-benefits have increased
-cost of benefits have increased

Front 24

_______ now makes up 28% of total compensation in the economy

Back 24

benefits

Front 25

Rising benefits costs _____ the cost of doing business and decrease profits

Back 25

rising

Front 26

Many firms are turning to ______ to curb the rising cost of benefits.

Back 26

contingent employees

Front 27

The higher the wage rate, the ________ the quantity of labor demanded by firms

Back 27

lower

Front 28

As wages increase, the quantity of labor supplied __________

Back 28

increases

Front 29

As wages decrease, the quantity of labor supplied ________

Back 29

decreases

Front 30

A wage rate that produces neither an excess supply of labor nor an excess of demand of labor is called _______ ________

Back 30

equilibrium wage

Front 31

Wages vary according to workers'________ ______ and ______

Back 31

skill level
education

Front 32

________ requires no specialized skills, education or training

Back 32

unskilled labor

Front 33

______ requires minimal specialized skills and education

Back 33

semi-skilled labor

Front 34

_________ requires specialized skills and training

Back 34

skilled labor

Front 35

________ requires advanced skills and education

Back 35

professional

Front 36

Examples of : Unskilled
Semi-Skilled
Skilled
Professional

Back 36

janitors, waiters
fork lift operators,
mechanics, plumbers, welders
lawyers, doctors, teachers

Front 37

_________ declared that male and female employees in the same workplace performing the same job had to receive the same pay

Back 37

The Equal Pay Act of 1963

Front 38

Title VII of the _________ _____ ___
of 1964 forbids job discrimination on the basis of race, sex color, religion or nationality

Back 38

Civil Rights

Front 39

The Civil Rights Act forbid discrimination for:

Back 39

race, sex, color, religion, or nationality

Front 40

Despite protection from the Equal Pay Act and the Civil Rights Act, US women still earn about ______ of what men do

Back 40

75%

Front 41

___________ minorities tend to earn lower pay than white men

Back 41

Racial

(all groups earn less then white men)

Front 42

_______ is an organization of workers that tries to improve working conditions, wages and benefits for its members.

Back 42

labor unions

Front 43

Less than ____% of US workers belong to labor unions

Back 43

14

Front 44

The union movement took shape over the course of a _______

Back 44

century

Front 45

The ______ Act, also know as the National Labor Relations Act, gave workers the right to organize and required companies to bargain in good faith with unions

Back 45

Wagner

Front 46

What are the factors that lead to the decline in union memberships in the 1950s

Back 46

Right to work laws
Shift from Manufacturing to service
Union goals being provided by firms

Front 47

________ allowed states to pass right -to-work laws

Back 47

Taft-Hartley

Front 48

_______ laws banned mandatory union memberships at the workplace

Back 48

Right to Work

Front 49

Unions have traditionally been strongest in the ________ sector

Back 49

manufacturing

Front 50

__________ are workers that industrial jobs

Back 50

blue collar workers

Front 51

_________ are workers that have office jobs

Back 51

white collar workers

Front 52

__________ jobs have been declining in number as the US economy becomes more service oriented

Back 52

blue collar workers

Front 53

_________ is the process in which union and company representatives meet to negotiate a new labor contract

Back 53

collective bargaining

Front 54

The union negotiates on behalf of all members for :

Back 54

wages and benefits
working conditions
job security

Front 55

Union contracts spell out conditions in which members can be ______

Back 55

fired

Front 56

Ways to settle disputes between unions and firms

Back 56

strike
mediation
arbitration

Front 57

If no agreement is met between union and company, union may ask it's members to vote on a _______

Back 57

strike

Front 58

_______ is an organized work stoppage intended to force an employer to address union demands

Back 58

strike

Front 59

Strikes can be harmful to both ________ and __________

Back 59

union and company

Front 60

________ is a settlement technique in which a neutral party meets with each side to try to find an acceptable solution to both sides

Back 60

mediation

Front 61

If mediation fails, talks may go into _____

Back 61

arbitration

Front 62

________ is a settlement technique in which a third party reviews the case and imposes a decision that is legally binding on both sides.

Back 62

Arbitration