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62 Cards in this Set
- Front
- Back
Econimics define the labor force as all ______ people who are employed or unemployed
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nonmilitary
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People are considered employed if :
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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 |
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People are considered unemployed if:
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-16 or older
-do not have a job -actively looking in last 4 weeks -currently available for work |
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The economy in US was mainly an _________ economy in the 1800's
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agricultural
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The economy evolved into a _________ economy in the 1900's
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Industrial
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_________ revolutionized the economy in the late 1900's
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Computer Chip
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Overall, the US is shifting from a manufacturing economy to a ___________ economy
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service
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As service jobs increase, the nation is losing _________ jobs
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manufacturing
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Demand for skilled labor is _______ and the supply of skilled workers is ________ to meet the demand
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rising
increasing |
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________ is the theory that education increases productivity
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Learning Effect
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________ suggests that the completion of college indicates to employers that a job applicant is intelligent and hard working.
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Screening effect
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Overall, the number of women in the work force has increased form about ____ % of all women in 1960 to ____% in 1995
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38
58 |
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________ employment is temporary or part time employment
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contingent
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List the benefits to employers of temporary employees
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-flexible work arrangents
-easy discharge with lack of severance pay -temp workers are paid less and receive benefits -some employees prefer flexible hrs |
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What are some of the trends in wages and benefits?
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-earnings for college graduates have increased
-non educated wages decreased -weekly average earnings have decreased -benefits have increased -cost of benefits have increased |
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_______ now makes up 28% of total compensation in the economy
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benefits
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Rising benefits costs _____ the cost of doing business and decrease profits
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rising
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Many firms are turning to ______ to curb the rising cost of benefits.
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contingent employees
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________ suggests that the completion of college indicates to employers that a job applicant is intelligent and hard working.
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Screening effect
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Overall, the number of women in the work force has increased form about ____ % of all women in 1960 to ____% in 1995
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38
58 |
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________ employment is temporary or part time employment
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contingent
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List the benefits to employers of temporary employees
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-flexible work arrangents
-easy discharge with lack of severance pay -temp workers are paid less and receive benefits -some employees prefer flexible hrs |
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What are some of the trends in wages and benefits?
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-earnings for college graduates have increased
-non educated wages decreased -weekly average earnings have decreased -benefits have increased -cost of benefits have increased |
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_______ now makes up 28% of total compensation in the economy
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benefits
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Rising benefits costs _____ the cost of doing business and decrease profits
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rising
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Many firms are turning to ______ to curb the rising cost of benefits.
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contingent employees
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The higher the wage rate, the ________ the quantity of labor demanded by firms
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lower
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As wages increase, the quantity of labor supplied __________
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increases
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As wages decrease, the quantity of labor supplied ________
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decreases
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A wage rate that produces neither an excess supply of labor nor an excess of demand of labor is called _______ ________
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equilibrium wage
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Wages vary according to workers'________ ______ and ______
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skill level
education |
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________ requires no specialized skills, education or training
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unskilled labor
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______ requires minimal specialized skills and education
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semi-skilled labor
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_________ requires specialized skills and training
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skilled labor
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________ requires advanced skills and education
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professional
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Examples of : Unskilled
Semi-Skilled Skilled Professional |
janitors, waiters
fork lift operators, mechanics, plumbers, welders lawyers, doctors, teachers |
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_________ declared that male and female employees in the same workplace performing the same job had to receive the same pay
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The Equal Pay Act of 1963
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Title VII of the _________ _____ ___
of 1964 forbids job discrimination on the basis of race, sex color, religion or nationality |
Civil Rights
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The Civil Rights Act forbid discrimination for:
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race, sex, color, religion, or nationality
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Despite protection from the Equal Pay Act and the Civil Rights Act, US women still earn about ______ of what men do
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75%
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___________ minorities tend to earn lower pay than white men
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Racial
(all groups earn less then white men) |
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_______ is an organization of workers that tries to improve working conditions, wages and benefits for its members.
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labor unions
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Less than ____% of US workers belong to labor unions
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14
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The union movement took shape over the course of a _______
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century
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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
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Wagner
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What are the factors that lead to the decline in union memberships in the 1950s
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Right to work laws
Shift from Manufacturing to service Union goals being provided by firms |
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________ allowed states to pass right -to-work laws
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Taft-Hartley
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_______ laws banned mandatory union memberships at the workplace
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Right to Work
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Unions have traditionally been strongest in the ________ sector
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manufacturing
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__________ are workers that industrial jobs
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blue collar workers
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_________ are workers that have office jobs
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white collar workers
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__________ jobs have been declining in number as the US economy becomes more service oriented
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blue collar workers
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_________ is the process in which union and company representatives meet to negotiate a new labor contract
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collective bargaining
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The union negotiates on behalf of all members for :
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wages and benefits
working conditions job security |
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Union contracts spell out conditions in which members can be ______
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fired
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Ways to settle disputes between unions and firms
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strike
mediation arbitration |
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If no agreement is met between union and company, union may ask it's members to vote on a _______
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strike
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_______ is an organized work stoppage intended to force an employer to address union demands
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strike
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Strikes can be harmful to both ________ and __________
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union and company
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________ is a settlement technique in which a neutral party meets with each side to try to find an acceptable solution to both sides
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mediation
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If mediation fails, talks may go into _____
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arbitration
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________ is a settlement technique in which a third party reviews the case and imposes a decision that is legally binding on both sides.
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Arbitration
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