Use LEFT and RIGHT arrow keys to navigate between flashcards;
Use UP and DOWN arrow keys to flip the card;
H to show hint;
A reads text to speech;
17 Cards in this Set
- Front
- Back
|
Labor Force |
All non-military people who are employed or unemployed |
|
|
Labor Union |
organization of workers that tries to improve working conditions, wages, and benefits for its members |
|
|
Outsourcing |
practice of contracting w/ another company to do a specific job that would otherwise be done by a company's own workers |
|
|
screening effect |
theory that the completion of college inducates to employers that a job applicant is intelligent and hard working. |
|
|
Strike |
organized work stoppage intended to force an employer to address union demands |
|
|
productivity of labor |
quantity of output produced by a unit of labor |
|
|
featherbedding |
practice of negotiating labor contracts that keep unecessary worikers on the company's payroll |
|
|
right to work lawe |
a measure that bans mandatory union membership |
|
|
real gdp |
gdp expressed in constant or unchanging price |
|
|
collective bargaining |
process in which union and company management meet to negotiate a new labor contract |
|
|
gdp |
the dollar value of all final goods and services produced within a country's borders in a given year |
|
|
contraction |
period of economic decline marked by falling real gdp |
|
|
nominal gdp |
gdp measured in current prices |
|
|
aggregate supply |
total amount of goods and services in the economy available at all possible price levels |
|
|
aggregate demand |
the amount of goods and services in the economy that will be purchased at all possible price levels |
|
|
bussiness cycle |
period of macroeconomic expansion, or growth, followed by one of contraction, or decline |
|
|
expansion |
period of economic growth as ameasured by a rise in real gdp |
