Economics Lecture Flashcards: Market Structures, Financial Systems, and Labor Unions

Vocabulary flashcards generated from the economics lecture notes covering market structures, personal financial instruments, labor shop types, and civilian labor definitions.

Flazzire affair

Philosophy that government should not interfere with commerce or trade.

Market structure

The nature and degree of competition among firms operating in the same industry.

Imperfect competition

A market structure that lacks one or more of the conditions of perfect competition.

Monopoly

Market structure with only one seller of a particular product.

Public goods

Products that are collectively consumed by everyone and whose use by one individual does not diminish the satisfaction or value available to others.

Trusts

Legally formed combinations of operations or companies.

Price discrimination

The practice of charging customers different prices for the same product.

Externality

An unintended side effect that neither benefits nor harms a third party not involved in the activity that caused it.

Economies of scale

A situation where the average cost of production falls as the firm gets larger.

Price fixing

Agreed to charge the same or similar prices for a product.

Collusion

A formal agreement to set prices prices or to otherwise behave in a cooperative manner.

Non price competition

The use of advertising giveaways or other promotional campaigns to convince buyers that the product is somehow better than another brand.

Product differentiation

Real or imagine differences between competing products in the same industry.

Monopoly realistic competition

The market structure that solves the conditions of a perfect competition except for identical products.

Perfect competition

A large number of well informed independent buyers and sellers who exchange identical products.

Season this this order

FTC ruling require company to stop an unfair business practice such as price fixing that reduces or limits competition among firms.

Financial system

A network of savers, investors, or financial institutions that work together to transfer savings to investors.

COD

A receipt showing that an investor has made an interest bearing loan to a bank.

Financial assets

Claims on the property and the income of the borrower.

Finance company

The firm that specializes in making loans directly to customers and in buying installment contracts from merchants who sell goods on credit.

Mutual fund

A company that sells stock in itself to identify investors and the then invest the money that receives in stocks and bonds issued by other corporations.

Pen pension fund

A fund set up to collect income and disperse payments to those persons eligible for retirement, old age, or disability benefits.

Risk

A situation in which the outcome is not certain, but the probabilities for each possible outcome can be estimated.

Four zero one plan

A tax deferred estimate and a savings plan that acts as a personal pension fund for employees.

Bonds

Long term obligations that pay a stated rate of interest for a specific number of years.

Saving bonds

Low denomination nontransferral bonds issued by the United States government usually.

IRA IRAs

Long term tax shelter time deposits an employee can set up as a part of a retirement plan.

EMH

The argument that stocks are always priced about right, and the bargains are hard to find because they are followed closely by many investors.

Stockbroker

A person who buys or sells equalities for clients.

OTC

Electronic marketplace for securities that are not traded in organized on an organized exchange.

Bull market

A strong market with the prices moving up for several months or years in a row.

Bear market

The mean market where the prices of equalities moving are moving sharply down for several months or years in a row.

Labor mobility

An ability and willingness of workers to relocate in markets where wages are higher.

Seizure

A temporary takeover of operations.

Injection

A court order not to act.

Fact finding

An agreement between unit and union and management to have neutral third party collects facts about a dispute and present nonbinding recommendations.

Archibedration

A process where both sides agrees to place in differences their differences before third party whose decision will be accepted as final.

Meditation

A process of bringing the neutral third person or person to help settle a dispute.

Agency shop

An agreement that does not require a worker to join a unit as a condition to get a or keep a job, but does not require the worker to pay union dues to help pay collective bargaining costs.

Modifying union shop

Where workers do not have to belong to a union to be hired and cannot be made to join one to keep their jobs.

Union shop

An employment situation where the workers do not have to belong or to the union to be hired.

Closed shop

A situation where an employee employer agrees to hire only union members, and it is rare.

AFL CIO

A combination of two unions formed in 1995 that helps set up unions and industries that have not been union unionized before.

Independent unions

Units that do not belong to the AFL CIO, such as the brotherhood or low of locomotive engineers.

Right to work law

A state law making it illegal to force workers to join a unit as a condition of employment.

Great Depression

The greatest period of economic decline and the stagnation in The United States history.

Company union

A union organized, supported, or run by employers.

Lockout

A refusal to let refusal to let employees work until management demand demands are met.

Industrial union

An association where all the workers work in the same industry regardless of the jobs each worker performs.

Craft / trade union

An association of skilled workers who perform the same kind of work.

Civil civilian labor force

Men and women 16 years old and over are either working or actively looking for a job.