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21 Cards in this Set
- Front
- Back
- 3rd side (hint)
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The value of the output produced by a resource. |
Productivity |
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The demand for the good or service produced by the resource. |
Derived Demand |
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Nonwage Determinants for labor demand |
Demand for product Price of other resources Technology |
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Nonwage Determinants supply |
Worker wealth Working conditions Tastes for work |
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Minimum wages |
Fed: $7.25 MN: Large: $9.86 Small: $8.04 |
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Group of workers who join together to seek higher pay and better working conditions. |
Labor Union |
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A worker at a union company does not have to join the union or pay them. |
Right to work law |
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Process by which a union representative and employers negotiate wages employee benefits and working conditions |
Collective bargaining |
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Neutral third party sets rules and both sides must accept |
Binding arbitration |
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The ability to borrow money based on replacement in the future. |
Credit |
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Bank reduce transaction costs |
Diversification |
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When a business can borrow cash quick when needed. |
Line of credit. |
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Initial rate of stock to the public |
Initial Public offering (IPO) |
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Contact between a parent company and another business or an individual. |
Franchise |
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Firms combine (same product) |
Horizontal Mergers |
1887-1904. US steel and Standard oil Span national markets |
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Firms combine (buys inputs to sell outputs) |
Vertical |
1916-1929 Copper refiners and Fabricators Stock market boom |
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Firms combine (different) |
Conglomerate mergers |
1948-1969. Litton industries Diversification |
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Horizontal and vertical mergers |
1982- today Banking Health .... Span national and global markets Financial crisis |
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Increase demand of labor, price goes up |
Increase quality |
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Increase supply of labor, prices go down |
Increase in quantity |
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Quantity of loans increases |
interest rates decrease |
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