Chapter 2: Economic Systems/ Section 2
 Goals of U.S. Economic System
    Economic Freedom
    Economic Efficiency
    Economic Equity
    Economic Security
    Full Employment
    Price Stability
    Economic Growth

The chapter section above in Chapter 2 deals with the goals of our economic system. Within these goals above is a major focus of the domain.  The goal of full employment relates to both sides of the producer and consumer issues in economics. But, for the two major factors in our economy to prosper (Producers and Consumers) then an economic system must strive to meet the goals above.
Chapter 8
Labor Markets
 Vocabulary of Union-Management Conflict:
          Strike—workers agree to stop working as a group
Picket—carrying of signs outside a plant to bring attention to a strike
Boycott—refusal by union members to do business with a company
Lockout—employers shut down plant to force union to back down
Right-to-work law—illegal to force workers to join a union
          Closed shop—requires union membership before hiring
          Union shop—requires for union membership after hiring
          Agency shop—requires dues for bargaining even if not in union
          Grievance—formal complaint by union or employee
Seniority—wages and layoffs determined by length of service
Conciliation—third party tries to get union and management together (solution made without third party)
Mediation—third party listens to both sides and makes recommendations for resolution
Arbitration—third party listens to both sides and makes a decision that is final and binding
Injunction—court orders to end strike
Chapter 12
 Types of Investments:
U.S. Savings Bonds (full faith and credit of U.S. gov't)
Treasury bills (up to 1 year)
Treasury Notes and Bonds (2 to 30 years)
Demand Accounts (Checking) (Insured FDIC)
Passbook savings and CDs (Insured FDIC)
Money Market deposits (Insured FDIC)
Pension and retirement (IRA and 401k; tax deferred)
Life Insurance
Municipal Bonds (tax-exempt)
Corporate bonds
Corporate stocks
Mutual funds (diversify)
Money Market funds
Fixed Income (bond)
Equity funds (stock)
Commodities, options, futures, foreign exchange, etc.
Chapter 13:
Population Vocabulary
                census
                urban
                rural
                demographers
                fertility rate
                life expectancy
                net immigrations
                baby boom
                dependency ratio
Economic Growth
                REAL GDP / Population = Per Capita Real GDP
                (measures standard of living)
Standard of Living goes up when Per Capita Real GDP grows faster than the population
 Factors affecting Economic Growth
                Land
                Labor
                Capital
                Entrepreneurship
                Productivity (increases wages and profits, decreases prices)
Chapter 15: Economic Growth
Unemployment Rate (percent)
       Unemployed    =    (looking for a job)
       labor force             (# employed + # looking)
·       Unemployment rate is inaccurate:
              Excludes discouraged workers
              Excludes the “underemployed” or "part-time"
              Includes some people pretending to look for work
·       Frictional – between jobs (unavoidable)
·       Seasonal – work only part of year (unavoidable)
·       Structural – mismatch between job openings and labor skills (unavoidable without education and training)
·       Cyclical – caused by business cycle (the focus of policy makers)
·       Natural rate of unemployment – the “unavoidable” unemployment
·       Full employment – cyclical employment is zero
Click here for Problem solving activity: Problem Three