Economics Chapter 9 And 10

Front 1

Gross domestic product (GDP)

Back 1

Final value of all goods and services produced within a country in a year

Front 2

Nominal GDP

Back 2

GDP calculated using today's current price GDP reported in current prices

Front 3

Real GDP

Back 3

GDP adjusted foe inflation

Front 4

GDP deflator

Back 4

Is a price index that reduce current prices into pieces f a base year

Front 5

Real per capita GDP

Back 5

The real gross domestic product divide by the country's population

Front 6

Productivity

Back 6

Is the output of goods and services measured per unit of in it by labor, capital, and land

Front 7

Labor productivity

Back 7

The amount of goods and services the world force an produce during a given time

Front 8

Fixed costs

Back 8

Costs that remain the same regardless of the amount of product a firm produces

Front 9

Variable costs

Back 9

Costs that change with changing amounts of production

Front 10

Average fixed costs

Back 10

Are total fixed costs divided By quantity produced

Front 11

Average variable costs

Back 11

Totally variable costs divided by quantity produced

Front 12

Total costs

Back 12

Are the sum of total fixed costs and total variable costs

Front 13

Average total costs

Back 13

The sum of average fixed and average variable costs

Front 14

Marginal cost

Back 14

Addiction cost of increasing a unit of production

Front 15

Last of diminishing marginal returns

Back 15

An economic principle which holds that as more and more variable resources

Front 16

Marginal revenue

Back 16

The additional venue generated from the sale of an additional quantity of product

Front 17

Total revenue

Back 17

A calculation of revenue that is determined by price time quantities sold

Front 18

Marginal analysis

Back 18

Is decision makin that involves comparing marginal benefits and margins costs

Front 19

Economies of scale

Back 19

Reduction in cost resulting from large scale production

Front 20

What is gross domestic product and how is it measured?

Back 20

Final value of all good, by adding together the value of the purchases of final goods and services and services produced year

Front 21

How is real GDP calculated and what does it mean?

Back 21

Is GDP adjusted for inflation, calculating nominal GDP

Front 22

How do changes in real GDP affect living standards?

Back 22

Changes prices of goods

Front 23

What is productivity and what are the are the main determinants of productivity over the years?

Back 23

Output of goods and services per year, quality of human resources, quality of management, quantity and quality of capital recourses, technological change

Front 24

Why do production costs change as output changes?

Back 24

Output changes things as hourly wages, electrical pow, and other materials used in production

Front 25

What are the benefits of economies of scale?

Back 25

1. They can proved more oppurtunity for dividing labor into specialized task 2. They can buy raw materials and supplies in larger quantities that entitle them to discounts 3.they can use specialised machinery and equipment to reduce unit cost 4.they can invest in research and development programs that enable the company to reduce production costs and produce new and improved products

Front 26

How does the last w of diminishing marginal returns affect production costs?

Back 26

Occurs b/c increasing amounts of variable recourse eventually crowd out the fixed quantities of other recourses

Front 27

What is the difference in fixed costs and variable costs?

Back 27

Fixed cost d remain the same regardless of amount of productivity variable cost change with changing amounts of production

Front 28

Derived demand

Back 28

Is the demand for a resource based in the demand for goods and services that the discourse produces

Front 29

Labor force

Back 29

All people not in the institutions, who are 16 or folders and who are currently employed or looking for a job

Front 30

Labor union

Back 30

An association of workers that seeks to improve its members wages, working conditions and benefits

Front 31

Collective bargaining

Back 31

Is a process in which union and company representatives meet to negotiate a new labor contract

Front 32

Grievance

Back 32

Is s formal complaint made by a union it it feels one member or a class of its members have been treated inappropriately under the terms of the contract

Front 33

Lockout

Back 33

Is the closing down of s business to pressure a union into s accepting employment conditions

Front 34

Injunction

Back 34

Is a court order to keep a union from striking and picketing

Front 35

Union shop

Back 35

Hiring people if they agree to join the union after being hired

Front 36

The Norris-LaGuardia act of 1932

Back 36

Limited the ability of courts to use injunctions in labor displays (stopped yellow dog contracts)

Front 37

The national labor relations actor of 1935

Back 37

Guaranteed workers the rights to join unions and engage in collective bargaining and prohibited unfair labor practices

Front 38

The fair labor standard act of 1938

Back 38

Prevented employees from engaging in unfair labor practices, outlawed closed shops and allow union shops

Front 39

The labor management relations act of 1947

Back 39

Established minimum wage and the 40hour work week and overtime

Front 40

The labor-management reporting and disclosure act of 1959

Back 40

The is sought to improve union elections and fairness

Front 41

How has the growth of labor productivity enabled businesses and workers to earn more over time while also providing consumers wifh better and lower priced products?

Back 41

Increasing productivity means you can do all that without Increasing production costs

Front 42

What is the relationship b/n product demand and demand for labor?

Back 42

The derived demand

Front 43

What major changed in the U.S labor force have occurred over the past 100 years

Back 43

The shift of employment from one sector to another ,women working

Front 44

What are the 5 factors which can affect differences in wages abd salaries?

Back 44

1. Difference in ability 2. Difference in efforts and jobs 3. Experience 4.education and training 5. Good timing

Front 45

describe how 3 no market forces (people like to stay where they are, job discriminatory, government legislation) have affected the wages and salaries of the labor force?

Back 45

It makes it where everyone doesn't get the same wage

Front 46

What was the American federation of labor and when it was it formed? What types of workers could join this union?

Back 46

It introduced a policy of business unionism that concentrated union efforts on obtaining higher wages and better working conditions rather than in asserting political influence, 1886. Skilled workers in a particular trade

Front 47

What was the congress of industrial organizations and when was it formed? What types of workers were allowed to join?

Back 47

A union that joined ranks w/ workers from steel, auto, rubber, textile, and meat packing industries, 1938, industrial workers

Front 48

In what year did AFL and CIO formed together?

Back 48

1955

Front 49

What happens when labor management relations break down?

Back 49

Lockout, or picketing and inductions