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Tuesday, May 25

  1. page Ch.1 Introduction to Economics edited ... Section 4 Barter: economic actors exchange goods Money: any item that is readily accepted b…
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    Section 4
    Barter: economic actors exchange goods
    Money: any item that is readily accepted by people in return for goods and services.
    Exchange: Producers and consumers agree to provide one type of item in return for another.
    Credit: Allows consumers to use items before completing payment for the merchandise.
    Value: The amount of money or price that is given to an item.
    Utility: Usefulness to a peson.
    Self-sufficiency: Fulfilling all of their needs without outside assistance.
    Interdependence: Events or developments in one region of the world or sector of the economy influence events or developments in other regions or sectors.

    2. Topics:
    Section 1: An Economic Way of Thinking
    (view changes)
    8:11 pm
  2. page Ch.1 Introduction to Economics edited ... Entrepreneurship: the organizational abilities and risk taking involved in starting a new busi…
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    Entrepreneurship: the organizational abilities and risk taking involved in starting a new business or introducing a new product.
    Entrepreneur: a person who attempts to start a new business or introduce a new business.
    Scarcity: The combination of limited economic resources and unlimited wants.
    Allocate: To distribute scarce resources in order to satisfy the greatest number of needs and wants.
    Productivity: The level of output that results from a given level of input.
    Efficiency: The use of the smallest amount of resources to produce the greatest amount of output.
    Division of labor: Assigning a small number or tasks to each worker.
    Specialization: The focus on one activity.

    Section 2
    Scarcity: combination of limited economic resources and unlimited wants.
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    8:04 pm
  3. page Ch.1 Introduction to Economics edited ... Efficiency: The use of the smallest amount of resources to produce the greatest amount of outp…
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    Efficiency: The use of the smallest amount of resources to produce the greatest amount of output.
    Division of labor: Assigning a small number or tasks to each worker.
    Specialization: The focus on one activity.
    Section 2
    Scarcity: combination of limited economic resources and unlimited wants.
    (view changes)
    8:04 pm
  4. page Ch.1 Introduction to Economics edited ... Productivity: The level of output that results from a given level of input. Efficiency: The u…
    ...
    Productivity: The level of output that results from a given level of input.
    Efficiency: The use of the smallest amount of resources to produce the greatest amount of output.
    Division of labor: Assigning a small number or tasks to each worker.
    Section 2
    Scarcity: combination of limited economic resources and unlimited wants.
    (view changes)
    8:03 pm
  5. page Ch.1 Introduction to Economics edited ... Allocate: To distribute scarce resources in order to satisfy the greatest number of needs and …
    ...
    Allocate: To distribute scarce resources in order to satisfy the greatest number of needs and wants.
    Productivity: The level of output that results from a given level of input.
    Efficiency: The use of the smallest amount of resources to produce the greatest amount of output.
    Section 2
    Scarcity: combination of limited economic resources and unlimited wants.
    (view changes)
    8:02 pm
  6. page Ch.1 Introduction to Economics edited ... Entrepreneur: a person who attempts to start a new business or introduce a new business. Scar…
    ...
    Entrepreneur: a person who attempts to start a new business or introduce a new business.
    Scarcity: The combination of limited economic resources and unlimited wants.
    Allocate: To distribute scarce resources in order to satisfy the greatest number of needs and wants.
    Productivity: The level of output that results from a given level of input.

    Section 2
    Scarcity: combination of limited economic resources and unlimited wants.
    (view changes)
    8:01 pm
  7. page Ch.1 Introduction to Economics edited ... Entrepreneurship: the organizational abilities and risk taking involved in starting a new busi…
    ...
    Entrepreneurship: the organizational abilities and risk taking involved in starting a new business or introducing a new product.
    Entrepreneur: a person who attempts to start a new business or introduce a new business.
    Scarcity: The combination of limited economic resources and unlimited wants.
    Section 2
    Scarcity: combination of limited economic resources and unlimited wants.
    (view changes)
    7:59 pm
  8. page Ch.8 Labor Force edited ... 2.5% Agriculture 1.5% Armed Forces The Labor Movement in the U.S. has experienced a period …
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    2.5% Agriculture
    1.5% Armed Forces
    The Labor Movement in the U.S. has experienced a period of crisis due to:
    1. Employer opposition
    2. Changes in employment patterns
    3. Negative public opinoin

    - The civilian labor force makes up 98% of all people in the U.S. who are working or looking for work.
    - By 1900, women working for wages outside the home made up 18% of the labor force.
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    7:53 pm
  9. page Ch.8 Labor Force edited ... Minimum Wage: A basic level of income paid to workers. National Unions: Formed from local uni…
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    Minimum Wage: A basic level of income paid to workers.
    National Unions: Formed from local unions from different parts of the country.
    Seniority: The holding of privileges based on the number of years a worke has been employed a firm.
    Development of Unions
    1. Reasons for unions to form: The hoped to improve better working conditions and increase their salary.
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    7:51 pm
  10. page Ch.8 Labor Force edited ... Affirmative Action: A program supported by law requiring U.S. employers, labor unions, and oth…
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    Affirmative Action: A program supported by law requiring U.S. employers, labor unions, and other institutions to eliminate discrimination against women and minorities by increasing hiring promotion training and other opportunities for members of these groups. It is the only effective method of ending workplace discrimination
    Quota: The minimum number of new hires to be made through an affirmative action program. A maximum or minimum limit to be achieved in dollars or units of something.
    ...
    job security. Made up of people who work for a particular company or in a particulat area.
    Open Shops: A business where membership in a labor union is not a condition of employment. Workers did not have to join a union.
    Closed Shop: A business that hires only labor union members. Workers must first join a union.
    ...
    Injunction:A court order in a labor dispute that forbids specified acts by individuals or groups.
    Minimum Wage: A basic level of income paid to workers.
    National Unions: Formed from local unions from different parts of the country.
    Development of Unions
    1. Reasons for unions to form: The hoped to improve better working conditions and increase their salary.
    (view changes)
    7:50 pm

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