Terms
The concept that people may decide what agreements they want to enter into.
What is free contract?
A private organization that tries to persuade public officials to act or vote according to group members' interests.
What is an interest group?
A business owned and managed by a single individual.
All nonmilitary people who are employed or unemployed.
What is the labor force?
The ability to produce more of a given product using a given amount of resources.
What is absolute advantage?
Business combination merging more than three businesses that make unrelated products.
What is a conglomerate?
A period of macro-economic expansion followed by a period of contraction.
What is a business cycle?
License to form a corporation issued by state government.
What is a certificate of incorporation?
Demand that is determined by demand for another good or service.
What is a derived demand?
A self-imposed limitation on the number of products that are shipped to a particular country.
What is a voluntary export restraint (VER)?
The practice of negotiating labor contracts that keep unnecessary workers on a company's payroll.
What is featherbedding?
Scenario: Dynamo Computers hires underprivileged teenagers and trains them to be computer programmers. Those workers are then available to be hired by other companies, who benefit from the workers' skills without having paid for them.
What is a positive externality?
Share of earnings given as payment.
What is a royalty?
The theory that the completion of college indicates to employers that a job applicant is intelligent and hard-working.
What is the screening effect?
Agreement that will eliminate all tariffs and other trade barriers between Canada, Mexico, and the United States.
What is the North American Free Trade Agreement (NAFTA)?
Agreement that results from cooperation between at least two countries to reduce trade barriers and tariffs and to trade with each other.
What is an international free trade agreement?
This program grew out of the 1990s debate about how to ease poverty while decreasing government payments to the poor.
What is the Temporary Assistance for Needy Families program (TANF)?
Act ordering common ownership interests, profit and loss sharing, and shared management responsibilities in a partnership.
What is the Uniform Partnership Act (UPA)?
Agreements in which workers promised not to join a union.
What is a yellow-dog contract?
This Southern Common Market is similar to the European Union in its goals. Its members are Brazil, Argentina, Paraguay, and Uruguay.
What is MERCOSUR?
Working at a job for which one is over-qualified or working part-time when full-time work is desired.
What is underemployment?
Enacts and enforces antitrust laws to protect consumers.
What is the FTC?
What is a multinational corporation?
An unofficial, invisible barrier that prevents women and minorities from advancing in businesses dominated by white men.
What is a glass ceiling?
A worldwide organization whose goal is freer global trade and lower tariffs.
What is a World Trade Organization (WTO)?