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Labor
Wages
Government Regulation of Labor
Money
Mystery
100
This kind of labor requires workers to have almost no training or experience
Unskilled labor
100
The price of labor is called..
wage rate
100
A common goal for labor unions is..
better pay, increased benefits, etc.
100
Coins and paper money describe which part of the money supply?
currency
100
How many players from each team are on the field during a rugby match?
15
200
Nurses, Doctors, Teachers, Electricians, Engineers are all part of this kind of labor force
Skilled
200
When choosing a job, what are three things that must be considered?
wage, benefits, location, vacation days, job itself, etc.
200
What is a common method with which labor unions achieve their goals?
strikes
200
What banking system do we use in the US? (not the Federal Reserve System)
fractional reserve system
200
Can mountain lions whistle?
Yes!
300
Those that supply labor are called..
Employees
300
A person's wage rate in terms of buying power is known as the..
real wage
300
Why does the government regulate business and labor?
to protect workers, consumers, the environment
300
What are two functions of the Federal Reserve System?
Can include: Controls the money supply, Supplies the economy with paper money, Holds bank reserves, Provides check-clearing services, Supervises member banks, Serves as the lender of last resort,
300
What do the opposite sides of dice always add up to?
7
400
Those that demand labor are called...
Employers
400
The equilibrium wage rate is..
the rate at which employers are willing to pay for labor is the same as the rate at which employees are willing to accept for labor
400
What is one example of government regulation of business/labor?
Can include: Age Discrimination in Employment Act, Fair Labor Standards Act, Occupational Safety and Health Administration, Consumer Product Safety Commission, Environmental Protection Agency,
400
Why are credit cards not money?
they are short term loans from the bank/credit card carrier - you borrow money and then pay it back
400
What is the difference between a barter system and a money system?
trading v. general acceptability
500
The demand for a good increases. What happens to the demand for the labor that is needed to produce that good?
The demand for labor increases
500
If a company increases the wage rate it is willing to pay for a position, what happens to the number of workers willing to take that position?
the number increases
500
Why do union workers tend to earn higher wages?
As unions negotiate for higher wages, union wages increase. Companies must let some employees go. These employees usually enter the nonunion workforce. The supply within this nonunion labor market increases, therefore decreasing the nonunion wage rate.
500
If interest rates increase, what will happen to the demand for loanable funds?
the demand will decrease
500
If workers are in high supply, what happens to the wage rate?
decreases