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EC111-Final Exam
Snyder's final ec111 test
23
Economics
Undergraduate 2
12/14/2009

Additional Economics Flashcards

 


 

Cards

Term
Labor Market
Definition
a factor market in which individuals supply labor services for wages to other individuals and to firm that need(demand) labor services
Term
incentive effect
Definition
how much a person will change his or her hours worked in response to a change in wage rate
Term
Normal Relationship
Definition
the higher the wage, the higher the quantity of labor supplied
Term
labor force participation rate
Definition
the number of people employed or looking for work as a percentage of people able to work
Term
Wage to Hours worked In United States
Definition
as wages rose more people worked less hours because they had more money to spend on leisure
Term
Why wage to hours has changed
Definition
leisure is different than before/ more things made to save time, as well as other leisure activities that cost more money than conversation.
Term
Why teens sell drugs
Definition
Because the money they make is worth the risk, tax free, and has a better chance of advancement than the average minimum wage job
Term
Effects of Marginal tax
Definition
lower incentives to work-take home less money, lose welfare money
Term
basic law of demand
Definition
the higher the wage, the lower the quantity of labor demanded
Term
Derived Demand
Definition
the demand for factors of production by firms, which depends on consumers demands
Term
Entrepreneurship
Definition
labor that involves high degrees of organization skills, concern, oversight responsibility, and creativity
Term
technology and demand for labor
Definition
Technology has increased output, and therefore demand has increased because you need more people for more output as well as people to run and maintain these machines
Term
marginal factor cost
Definition
the additional cost to a firm of hiring another worker
Term
bilateral monopoly
Definition
a market in which a single seller faces a single buyer
Term
efficiency wages
Definition
wages paid above the going market wage to keep workers happy and productive
Term
comparable worth laws
Definition
laws mandating comparable pay for comparable work
Term
descrimination(affects)
Definition
if it is costly to the firm, then they will find ways around it so that they can be profit maximizing.
If it has nothing to do with the firm, descrimination is useless because it can cost the firm money when they don't hire better workers
Term
closed shops
Definition
firms where union controls hiring
Term
union shops
Definition
firms in which all workers must join the union
Term
Share distribution of income
Definition
is the relative division of total income among income groups
Term
socioeconomic distribution of income
Definition
the allocation of income among relevant socioeconomic groupings
Term
Lorenz Curve
Definition
geometric representation of the share distribution of income among families in a given country at a given time
Term
poverty threshold
Definition
the income below which a family is considered to live in poverty
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