(10 points) Online Quiz for Unit Threeo Vocabulary (Quizlet): http://quizlet.com/73651414/economics-unit-3-vocab-flash-cards/
(10 points) Unit Three Vocabulary Definitions & Original Examples:
Business Organization: An establishment formed to carry on commercial enterprise. Sole proprietorships are the most common.
Example: A teen's babysitting sevice
Sole Proprietorship: Business owned and managed by single individual
Example: a teen's lawn mowing service
Business License: Permits issued by government agencies that allow individuals or companies to conduct business within the government's geographical jurisdiction.
Example: Health Permits
Zoning Law: Municipal or local government laws that dictate how real property can and cannot be used in certain areas.
Example: illegal to have high density indsutrial zone near a residential zone
Liability: Legally bound obligation to pay debts
Example: Paying federal taxes
Fringe Benefit: An extra benefit supplementing an employee's salary, for example, a company car, subsidized meals, health insurance, etc.
Example: Sick leave
Partnership: A business organization in which two or more individuals manage and operate the business. Both owners are equally and personally liable for the debts from the business.
Example: Apple Inc.
General Partnership: In a general partnership, partners share equally in both responsibility and liability.
Example: Zhang & Associates, PC
Limited Partnership: In a limited partnership, only one partner is required to be a general partner, or to have unlimited personal liability for the firm.
Example: Henkel and Merck
Limited Liability Partnership: A newer type of partnership is the limited liability partnership. In this form, all partners are limited partners.
Example: Google
Articles of Partnership: A voluntary contract between two or among more than two persons to place their capital, labor, and skills, and corporation in business with the understanding that there will be a sharing of the profits and losses between/among partners.
Example: N/A
Uniform of Partnership Act: (UPA) A proposed state law drafted by the National Conference of Commissioners on Uniform State Laws (NCCUSL) regarding the governance of business partnerships residing in any state within the United States.
Example: N/A
Assets: Anything tangible or intangible that is capable of being owned or controlled to produce value and that is held to have positive economic value
Example: Motor vehicles
Corporation: A legal entity, or being, owned by individual stockholders.
Example: McDonalds
Stock: Stocks, or shares, represent a stockholder's portion of ownership of a corporation.
Example: Stock in Apple
Closely Held Corporations: A corporation which issues stock to a limited a number of people.
Example: Family-owned Cargill
Privately Held Corporations: Company is owned by the company's founders, management or a group of private investors.
Example: New York Stock Exchange
Publicly Held Corporations: Buys and sells its stock on the open market.
Example: Apple Inc.
Bond: A debt investment in which an investor loans money to an entity (corporate or governmental) that borrows the funds for a defined period of time at a fixed interest rate.
Example: N/A
Certificate of Incorporation: Document relating to the formation of a company or corporation. It is a license to form a corporation issued by state government.
Example: N/A
Dividend: A distribution of a portion of a company's earnings, decided by the board of directors, to a class of its shareholders.
Example: N/A
Horizontal Merger: Combine two or more firms competing in the same market with the same good or service.
Example: HP and Compaq
Vertical Merger: Combine two or more firms involved in different stages of producing the same good or service.
Example: Automobile Company and Parts Supplier
Conglomerate: A business combination merging more than 3 businesses that make unrelated products
Example: Walt Disney Company and American Broadcasting Company
Multinatinal Corporation: (MNCs) are large corporations headquartered in one country that have subsidiaries throughout the world.
Example: Walmart
Business Franchise: A semi-independent business that pays fees to a parent company in return for the exclusive right to sell a certain product or service in a given area.
Example: Subway
Royalty: A payment to an owner for the use of property, especially patents, copyrighted works, franchises or natural resources.
Example: Windows Microsoft for personal computers
Cooperative: A business organization owned and operated by a group of individuals for their shared benefit.
Example: Land O'Lakes
Service Cooperative: Cooperatives that provide a service, rather than goods, are called service cooperatives.
Example: Sunkist
Producer Cooperative: Producer cooperatives are agricultural marketing cooperatives that help members sell their products.
Example: Ocean Spray
Nonprofit Organization: Institutions that function like business organizations, but do not operate for profits and are exempt from federal income taxes.
Example: United Nations Children's Fund (UNICEF)
Professional Organization: Work to improve the image, working conditions, and skill levels of people in particular occupations.
Example: American Evaluation Asssociation (AEA)
Business Association: Promote the business interests of a city, state, or other geographical area, or of a group of similar businesses.
Example: Rotary Club
Trade Association: Promote the interests of particular industries are called trade associations.
Example: American Seed Trade
Labor Force: An organized group of workers whose aim is to improve working conditions, hours, wages, and fringe benefits.
Example: N/A
Learning Effect: The theory that education increases productivity and results in higher wages.
Example: N/A
Screening Effect: Theory suggests that the completion of college indicates to employers that a job applicant is intelligent and hard-working.
Example: N/A
Contingent Employement: Temporary or part-time employment.
Example: Summer time nanny
Unemployement: People are considered unemployed if they are 16 years or older and meet the following criteria:
•They do not have a job
•They have actively looked for work in the prior 4 weeks
•They are currently available for work
Example: Individual with no job
Bureau of Labor Statistics: A government agency that produces economic data that reflects the state of the U.S. economy.
Example: N/A
Trade and Benefit Trends: Earnings Up for Some, Down for Others:
•Earnings for college graduates have increased, while earnings for workers without college degrees have decreased.
•Average weekly earnings in the United States decreased from $275 in 1980 to $271 in 1999, as measured in inflation-adjusted dollars.
Cost of Benefits Rises:
•Benefits now make up about 28 percent of total compensation in the economy.
•For employers, rising benefits costs raise the cost of doing business and decrease profits. Many firms are turning to contingent employment to curb benefits costs.
Derived Demand: A term used in economic analysis that describes the demand placed on one good or service as a result of changes in the price for some other related good or service.
Example: Demand for steel works dependent upon demand for steel
Productivity: An economic measure of output per unit of input. Inputs include labor and capital, while output is typically measured in revenues and other GDP components such as business inventories.
Example: 525 cars produced per work per week
Equilibrium Wage: The wage rate that produces neither an excess supply of workers nor an excess demand for workers in the labor market is called the equilibrium wage.
Example: N/A
Unskilled Labor: Requires no specialized skills, education, or training.
Example: Waiters, Janitors, Cashier
Semi-Skilled Labor: Labor requires minimal specialized skills and education.
Example: Fork-Lift operator
Skilled Labor: Labor requires specialized skills and training.
Example: Auto mechanics, Plumbers
Professinal Labor: Labor demands advanced skills and education.
Example: Lawyer, Doctor, Profesor
Wage Discrimination: •The Equal Pay Act of 1963 declared that male and female employees in the same workplace performing the same job had to receive the same pay.
•Title VII of the Civil Rights Act of 1964 forbids job discrimination on the basis of race, sex, color, religion, or nationality.
Glass Ceiling: An unacknowledged discriminatory barrier that prevents women and minorities from rising to positions of power or responsibility, as within a corporation.
Example: Women in the workplace
Labor Union: An organization of workers that tries to improve working conditions, wages, and benefits for its members.
Example: North American Free Trade Agreement (NAFTA)
Featherbedding: Provide (someone) with advantageous economic or working conditions.
Example: Railroads to employ fireman on diesel locomotives
Strike: An organized work stoppage intended to force an employer to address union demands. Strikes can be harmful to both the union and the firm.
Example: Teacher's Strike
Right to Work Law: The Taft-Harlety Act (1947) allowed states to pass right-to-work laws. These laws ban mandatory union membership at the workplace.
Blue Collar: A working-class person historically defined by hourly rates of pay and manual labor.
Example: Police Officer
White Collar: A working class that is known for earning high average salaries and not performing manual labor at their jobs.
Example: Neurosurgeon
Collective Bargaining: The process in which union and company representatives meet to negotiate a new labor contract.
Example: Employer claims financial problem prohibts work efficiency, receives a raise
Mediation:
A settlement technique in which a neutral mediator meets with each side to try and find an acceptable solution that both sides will accept.
Example: Dispute among siblings, mother settles dispute
Arbitration: A settlement technique in which a third party reviews the case and imposes a decision that is legally binding for both sides.
Example: Court reviewing divorce case anf the dividing of property and debt
(1 Point Each) Example of Current Economic Topic From Unit Three:
1.) An example of a blue collar job in Minnesota could be, Eric Boder, a Carver County deputy sheriff
2.) An example of a white collar job in Minnesota could be, Jamie Van Gampel, a neurosurgeon at Mayo Clinic
3.) An example of a nonprofit organization in Minnesota could be, Minnesota Council of Nonprofits located in St Paul, MN
4.) An example of a sole proprietorship in Minnesota could be, A Cup of Carver, a small coffee shop located in Carver
5.) An example of an unskilled labor job in Minnesota could be, a cashier employee at McDonalds
(10 points) Unit Three Vocabulary Definitions & Original Examples:
Business Organization: An establishment formed to carry on commercial enterprise. Sole proprietorships are the most common.
Example: A teen's babysitting sevice
Sole Proprietorship: Business owned and managed by single individual
Example: a teen's lawn mowing service
Business License: Permits issued by government agencies that allow individuals or companies to conduct business within the government's geographical jurisdiction.
Example: Health Permits
Zoning Law: Municipal or local government laws that dictate how real property can and cannot be used in certain areas.
Example: illegal to have high density indsutrial zone near a residential zone
Liability: Legally bound obligation to pay debts
Example: Paying federal taxes
Fringe Benefit: An extra benefit supplementing an employee's salary, for example, a company car, subsidized meals, health insurance, etc.
Example: Sick leave
Partnership: A business organization in which two or more individuals manage and operate the business. Both owners are equally and personally liable for the debts from the business.
Example: Apple Inc.
General Partnership: In a general partnership, partners share equally in both responsibility and liability.
Example: Zhang & Associates, PC
Limited Partnership: In a limited partnership, only one partner is required to be a general partner, or to have unlimited personal liability for the firm.
Example: Henkel and Merck
Limited Liability Partnership: A newer type of partnership is the limited liability partnership. In this form, all partners are limited partners.
Example: Google
Articles of Partnership: A voluntary contract between two or among more than two persons to place their capital, labor, and skills, and corporation in business with the understanding that there will be a sharing of the profits and losses between/among partners.
Example: N/A
Uniform of Partnership Act: (UPA) A proposed state law drafted by the National Conference of Commissioners on Uniform State Laws (NCCUSL) regarding the governance of business partnerships residing in any state within the United States.
Example: N/A
Assets: Anything tangible or intangible that is capable of being owned or controlled to produce value and that is held to have positive economic value
Example: Motor vehicles
Corporation: A legal entity, or being, owned by individual stockholders.
Example: McDonalds
Stock: Stocks, or shares, represent a stockholder's portion of ownership of a corporation.
Example: Stock in Apple
Closely Held Corporations: A corporation which issues stock to a limited a number of people.
Example: Family-owned Cargill
Privately Held Corporations: Company is owned by the company's founders, management or a group of private investors.
Example: New York Stock Exchange
Publicly Held Corporations: Buys and sells its stock on the open market.
Example: Apple Inc.
Bond: A debt investment in which an investor loans money to an entity (corporate or governmental) that borrows the funds for a defined period of time at a fixed interest rate.
Example: N/A
Certificate of Incorporation: Document relating to the formation of a company or corporation. It is a license to form a corporation issued by state government.
Example: N/A
Dividend: A distribution of a portion of a company's earnings, decided by the board of directors, to a class of its shareholders.
Example: N/A
Horizontal Merger: Combine two or more firms competing in the same market with the same good or service.
Example: HP and Compaq
Vertical Merger: Combine two or more firms involved in different stages of producing the same good or service.
Example: Automobile Company and Parts Supplier
Conglomerate: A business combination merging more than 3 businesses that make unrelated products
Example: Walt Disney Company and American Broadcasting Company
Multinatinal Corporation: (MNCs) are large corporations headquartered in one country that have subsidiaries throughout the world.
Example: Walmart
Business Franchise: A semi-independent business that pays fees to a parent company in return for the exclusive right to sell a certain product or service in a given area.
Example: Subway
Royalty: A payment to an owner for the use of property, especially patents, copyrighted works, franchises or natural resources.
Example: Windows Microsoft for personal computers
Cooperative: A business organization owned and operated by a group of individuals for their shared benefit.
Example: Land O'Lakes
Service Cooperative: Cooperatives that provide a service, rather than goods, are called service cooperatives.
Example: Sunkist
Producer Cooperative: Producer cooperatives are agricultural marketing cooperatives that help members sell their products.
Example: Ocean Spray
Nonprofit Organization: Institutions that function like business organizations, but do not operate for profits and are exempt from federal income taxes.
Example: United Nations Children's Fund (UNICEF)
Professional Organization: Work to improve the image, working conditions, and skill levels of people in particular occupations.
Example: American Evaluation Asssociation (AEA)
Business Association: Promote the business interests of a city, state, or other geographical area, or of a group of similar businesses.
Example: Rotary Club
Trade Association: Promote the interests of particular industries are called trade associations.
Example: American Seed Trade
Labor Force: An organized group of workers whose aim is to improve working conditions, hours, wages, and fringe benefits.
Example: N/A
Learning Effect: The theory that education increases productivity and results in higher wages.
Example: N/A
Screening Effect: Theory suggests that the completion of college indicates to employers that a job applicant is intelligent and hard-working.
Example: N/A
Contingent Employement: Temporary or part-time employment.
Example: Summer time nanny
Unemployement: People are considered unemployed if they are 16 years or older and meet the following criteria:
•They do not have a job
•They have actively looked for work in the prior 4 weeks
•They are currently available for work
Example: Individual with no job
Bureau of Labor Statistics: A government agency that produces economic data that reflects the state of the U.S. economy.
Example: N/A
Trade and Benefit Trends: Earnings Up for Some, Down for Others:
•Earnings for college graduates have increased, while earnings for workers without college degrees have decreased.
•Average weekly earnings in the United States decreased from $275 in 1980 to $271 in 1999, as measured in inflation-adjusted dollars.
Cost of Benefits Rises:
•Benefits now make up about 28 percent of total compensation in the economy.
•For employers, rising benefits costs raise the cost of doing business and decrease profits. Many firms are turning to contingent employment to curb benefits costs.
Derived Demand: A term used in economic analysis that describes the demand placed on one good or service as a result of changes in the price for some other related good or service.
Example: Demand for steel works dependent upon demand for steel
Productivity: An economic measure of output per unit of input. Inputs include labor and capital, while output is typically measured in revenues and other GDP components such as business inventories.
Example: 525 cars produced per work per week
Equilibrium Wage: The wage rate that produces neither an excess supply of workers nor an excess demand for workers in the labor market is called the equilibrium wage.
Example: N/A
Unskilled Labor: Requires no specialized skills, education, or training.
Example: Waiters, Janitors, Cashier
Semi-Skilled Labor: Labor requires minimal specialized skills and education.
Example: Fork-Lift operator
Skilled Labor: Labor requires specialized skills and training.
Example: Auto mechanics, Plumbers
Professinal Labor: Labor demands advanced skills and education.
Example: Lawyer, Doctor, Profesor
Wage Discrimination: •The Equal Pay Act of 1963 declared that male and female employees in the same workplace performing the same job had to receive the same pay.
•Title VII of the Civil Rights Act of 1964 forbids job discrimination on the basis of race, sex, color, religion, or nationality.
Glass Ceiling: An unacknowledged discriminatory barrier that prevents women and minorities from rising to positions of power or responsibility, as within a corporation.
Example: Women in the workplace
Labor Union: An organization of workers that tries to improve working conditions, wages, and benefits for its members.
Example: North American Free Trade Agreement (NAFTA)
Featherbedding: Provide (someone) with advantageous economic or working conditions.
Example: Railroads to employ fireman on diesel locomotives
Strike: An organized work stoppage intended to force an employer to address union demands. Strikes can be harmful to both the union and the firm.
Example: Teacher's Strike
Right to Work Law: The Taft-Harlety Act (1947) allowed states to pass right-to-work laws. These laws ban mandatory union membership at the workplace.
Blue Collar: A working-class person historically defined by hourly rates of pay and manual labor.
Example: Police Officer
White Collar: A working class that is known for earning high average salaries and not performing manual labor at their jobs.
Example: Neurosurgeon
Collective Bargaining: The process in which union and company representatives meet to negotiate a new labor contract.
Example: Employer claims financial problem prohibts work efficiency, receives a raise
Mediation:
A settlement technique in which a neutral mediator meets with each side to try and find an acceptable solution that both sides will accept.
Example: Dispute among siblings, mother settles dispute
Arbitration: A settlement technique in which a third party reviews the case and imposes a decision that is legally binding for both sides.
Example: Court reviewing divorce case anf the dividing of property and debt
(1 Point Each) Example of Current Economic Topic From Unit Three:
1.) An example of a blue collar job in Minnesota could be, Eric Boder, a Carver County deputy sheriff
2.) An example of a white collar job in Minnesota could be, Jamie Van Gampel, a neurosurgeon at Mayo Clinic
3.) An example of a nonprofit organization in Minnesota could be, Minnesota Council of Nonprofits located in St Paul, MN
4.) An example of a sole proprietorship in Minnesota could be, A Cup of Carver, a small coffee shop located in Carver
5.) An example of an unskilled labor job in Minnesota could be, a cashier employee at McDonalds