Labor
What is a labor?
It is a human resource used to create goods and services
What do unions argue for?
Better:
- Pay
- Hours
- Conditions
- Benefits
What is perfect competition?
A market for goods that are EXACTLY the same
Example - Oranges
What is a sole proprietorship>
A business owned by one person
What is a non-profit organization
A business where the company itself does not profit (yes, there workers still get paid)
People who are not working but are looking/desire to work
What is strike?
Workers stopping work all together to get their demands met from management
What is monopolistic competition?
Market for goods that are similar but differ in style, quality, and/or type.
Example - shoes
What is a partnership?
A business owned by a few people.
What is the unemployment rate formula?
UR = # of unemployed / Labor Force X 100
Military, prisoners, those in a hospital, etc
What is a work slowdown?
When workers do everything in their power to slow down production of goods and services without breaking any rules
example - taking all your sick days
What is a monopoly?
A market for a good/service dominated by one firm/business
What is a corporation and what makes it different than other business structures?
A large business, it is different because stock of the company can be sold.
What is union busting?
The process of a business attempting to prevent the creation of a union by their workers.
Who is in the labor force?
Unemployed + Employed
What is arbitration?
When Unions and Management seek a FINAL SOLUTION from a neutral third party for their next contract
What is an oligarchy?
A market dominated by a few, very large firms/businesses
What is the advantage of selling stock as a corporation?
Allows for your business to grow resources quicker as you now have a steadily flow of money from those buying stock
Jobs that require higher _____ generally get higher pay
Skills/education
What is the labor force participation rate formula?
LFPR = # in LF / Population o.16 X 100
What is mediation?
When Unions and Management seek suggestions from a neutral third party for their next contract
Why are monopolies (mostly) illegal?
It prevents healthy competition in our economy, and also can cause price exploitation for consumers
A business structure where someone leases the brand of a company from the corporation and obtains the rights to open their own version of that business, however, they are bound to the rules/process of the corporation.
What is unskilled labor?
Jobs that require minimal to no education or training to do