12 terms

Economics- GED set 3


Terms in this set (...)

Facts, statistics, or measurements used as a basis for reasoning, discussion, or calculation.
Service Sector
Industries such as health care, education and computer services
Three areas of US labor force
Agriculture, industrial, and Service Industries
Global Economy
The increased economic interdependence of the world's nations.
Effect of Globalization of American industries
1. Manufacturing moves overseas because of low labor costs and
2. Many jobs are performed by machines now, not people.
3. US technical job opportunities increase as a result.
The uniting of two or more companies to form a single business, usually accomplished when one company takes over another.
Act of assuming control or possession, such as a military seizure of a government or the acquisition of one company by another.
Hostile Takeover
A process in which one company purchases or otherwise gains control of another against the wishes of those who operate it.
Piecework Pay
Amount of money paid for each piece of work produced. Ex. worker paid for each combined unit of parts to make a bigger part of or the whole product . examples are shirtsleeve, a valve,
Goods produced in unsafe and difficult conditions, many hours worked for poor wages.
Collective Barganing
The discussion between company managers and union leaders who speak for the company employees. The two groups work to come to an agreement and avoid as strike.
Fair Labor Standards Act 1938
Established a minimum wage. Purpose was to determine a wage that keeps workers from falling below a certain level. Minimum wage is set by the US government.