| Term | Definition |
| which groups are not included in the civilian labor force? | military
not actively looking for a job
disabled |
| workers involved in manufacturing are typically classified as... | blue collar |
| workers involved in office jobs are classified as what | white collar |
| 2 examples of wage discrimination | gender
age |
| first organized labor union? | national labor union |
| samuel gompers and john /l. lewis | leaders of union- john- united mine workers |
| 3 types of local unions | closed
open
agency |
| right to work laws | unions can not force workers to become union members |
| 3 parts to negotiations | collective bargaining
mediation
arbitration |
| what could workers do if negotiations fail | strike
picket
boycott |
| what could businesses do of negotiations fail | hire scabs
file injunction
lockout |
| sole proprietorship | a- sole earner
easy startup
single owned
d- limited resources
unlimited liability |
| partnership | co-owned
single taxed |
| types of partnerships | limited liability
general
limited life |
| corporation | a-limited liability
barriers to entry
longlife
d-lose of control
double taxation
more legal responsibilities |
| assets | anything of value |
| monopolistic competition | relatively easy entry |
| monopoly | many barriers to entry
single supplier
no substitutes
almost all control over price
- example - all utilities |
| perfect competition | easy entry
example agriculture |
| non price competition | clean restrooms |
| barriers to entry | most common in monopolies
raise prices of entry so smaller companies can't get in |
| oligopoly | some barriers to entry
some control of price |
| economies of scale | the decrease in average cost per product |
| collusion | trying to bargain or lean prices toward how they would like it |
| conglomerate | business combination merging more than 3 businesses that make unrelated products |
| 4 types of monopolies | natural
geographical
political
government |
| horizontal merger | combo of 2 or more firms competing in te same market |
| vertical merger | combo of 2 or more firms involved in different stages of producing the same product |
| common stock | shares ownership that gives stockholders voting rights and portion of future profits |
| preferred stock | shares ownership in corporation that gives stockholders a portion of profits |
| private corporation | don't trade publicly |
| public corporation | trade with the public |
| stock | certificate of ownership |
| silent partners | have no vote, get paid first because of this |
| bond | you either get your money back no matter what |
| franchisor | sells to franchisee and gives training |
| franchisee | pays fee to franchisor as well as % of all revenue taken in. |
| taft hartley act | states president of company can delay strike/ stop 80 days if the strike poses a danger to the country's/ world's wellbeing |
| collective bargaining | negotiation begines |
| mediation | neutral person enters decision |
| arbitration | 3rd party comes in and tries to figure out problem |
