BYV 7 (A&B) Flashcards Preview

Economics > BYV 7 (A&B) > Flashcards

Flashcards in BYV 7 (A&B) Deck (17)
Loading flashcards...
0
Q

Diminishing marginal productivity

A

When additional workers result in smaller amounts of added production

1
Q

Injunction

A

Court order to stop an activity

2
Q

Closed shop

A

When a contract required workers to join a union before they could be employed

3
Q

Wagner act

A

Guarantees workers the right to organize a union

4
Q

Craft union

A

Labor organization made of workers who all have the same skill

5
Q

Industrial union

A

Labor organization made up of workers who all work in the same industry

6
Q

Equilibrium wage rate

A

The wage rate that results in the number of individuals who are willing to work being equal to the number of jobs offered by firms

7
Q

Clayton act

A

Said that the Sherman act was not to be used against labor organizations

8
Q

Right-to-work-law

A

Prevents workers from being required to join a union

9
Q

Derived demand

A

Demand that depends on the demand for the final product (labor, for example)

10
Q

Taft-Hartley act

A

Gave the President of the U.S. power to request a court order to force striking workers to return to work

11
Q

Marginal physical product

A

Additional products produced when another worker is hired

12
Q

Labor force participation rate

A

Percentage of people 16 years or older who are working or looking for work

13
Q

Money wages

A

The number of dollars a worker earns

14
Q

Real wages

A

The quantity of products workers are able to buy with the dollars they earn

15
Q

Diminishing returns

A

Explains why adding more workers and raw materials won’t always increase production

16
Q

Labor unions

A

Organizations that attempt to improve working conditions of their members through collective bargaining