Business Organizations
Your local Chick-Fil-A, McDonald's, and Domino's are all examples of this type of business organization.
Franchise
Since there are 14 car companies that control the vast majority of car brands in the US, the car industry is known as an...
Oligopoly
Grizzly Bob's Hotdog Stand decided to hire extra help in the summer time to help with increased demand. During the winter, the extra employees were laid off due to the lack of business.
Seasonal Unemployment
The US economy is shifting more towards what type of economy?
Service Economy (Based on people performing services)
The process in which union and company representatives meet to negotiate a new labor contract.
Collective Bargaining
This type of business organization involves an individual owner (or a married couple).
Sole Proprietorship
The NBA, the only professional basketball league in the United States, is an example of a...
Monopoly
Employed individuals who desire more hours and/or better working conditions is considered...
Underemployed
As a result of increasing wages and benefits for workers, companies have begun shifting towards what type of labor?
Temporary/Part-time
Two methods for agreeing on a contract after collective bargaining fails
-Mediation - Solution is recommended
-Arbitration - Solution is mandated
Business owned by two or more people who share responsibility and liability (responsibility for debt) for the business.
Partnership
How many firms are there in perfect (pure) competition?
MANY (lots, tons, etc)
Nurses are required to get an extra certification to continue working. Those who do not get this certification by the deadline would be...
Structurally Unemployed
The title of the phenomenon where some qualified women and minorities find that they cannot advance beyond a certain level in companies they work for.
Glass Ceiling
Two types of non-negotiating methods used by Unions
-Work Slowdown
-Strikes
List and properly define one type of merger
Horizontal Merger: combination of 2 or more corporations who provide the same good or service
Vertical Merger: combine 2 or more firms involved in different stages of producing a good or service
Conglomerate: a combination of 3 or more businesses making unrelated products.
Something that prevents you from opening a business and entering into a market is known as a...
Barrier to Entry
Underemployment would most likely play a factor in causing which type of unemployment?
Frictional Unemployment
DAILY DOUBLE: The Levels of Skill in the Labor Market (provide an example of each)
-Unskilled
-Semi-Skilled
-Skilled
-Professionals
Two of the three reasons why union membership is declining
-"Right to Work" Laws
-Fulfillment of Union Goals
-Shift Away From Manufacturing Economy/ Towards Service Economy
A business model that benefits from:
Can borrow money by selling bonds.
Can hire the best labor (human resources) and best equipment (capital resources)
Have long lives
Corporation
What type of competition do businesses engage in when we see a market that has monopolistic competition?
Non-Price Competition (heavy advertising, better locations, surroundings, better hours)
During the COVID-19 Pandemic, people lost jobs due to a decrease in economic activity. This would be considered...
Cyclical Unemployment
Two theories as to why degree/certificate holders get paid more
-Learning Effect
-Screening Effect
What are the three types of unions and what do they mean?
Union Shop: will hire nonunion workers, but requires them to join the union once hired.
Agency Shop: will hire nonunion workers, and does not require workers to join the union.
Closed Shop: hires only union members