ECON UNIT 3
Card Set Information
ECON UNIT 3
What is a picket?
a protester posted by a labor organization outside a place of work
How did attitudes towards unions change after WWII?
motives for the New Imperialism was economic.
What was the purpose of the Taft-Hartley Act of 1947?
allows the president to appoint a board of inquiry to investigate union disputes.
What is the mediation process?
intervention between conflicting parties to compromise.
What is semi-skilled labor?
labor is having or requiring less training than skilled labor and more than unskilled labor.
What is skilled labor?
labor that requires special training.
What is professional labor?
Skilled in a trade.
What are the three criteria of effective taxes?
fair taxation, taxation for a greater purpose, and taxation with representation.
What are the two principles of taxation?
Fairness and Benefits.
What is FICA?
a tax on employees and employers that is used to fund the Social Security system.
What is the public sector?
administrators that deals with the delivery of goods by and for the government.
What is the effect of government spending?
Social Security, Medicare, Medicaid, Food Stamps, Unemployment, etc.
What is the distribution of income?
The equality that income is dealt out among members of a society.
What are the steps of the federal budget approval process?
The President's annual budget request is the budget process then, budget resolution.
What does our government spend money on the most?
When the economy is doing well, the government spends more or visa versa.
What are the consequences of the national debt?
A Bad Economy.
What are entitlements?
right granted by law or contract.
What is a medium exchange?
commonly accepted in exchange for goods and services and recognized as representing a standard of value.
What is a 401(k) plan?
retirement savings plan allows a worker to save for retirement.
What is NYSE?
a stock exchange in New York.