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Transcript of Economic Challenges
Define productivity and its role in inflaton
Inflation occurs durring times of economic growth. Inflation is the rate at which prices rise. Durring inflation bisnusses often let go of employes for exta money. The problem is when people are out of a job they dont buy much. Therefor the economy goes down.
A typical business cycle consists of four main terms; Expansion, peak, recession and trough.
During a recession when the economy is at it's lowest point, the government may respond by;
Reducing the number of taxes everyone pays
Increase government spending
Change the monetary policy
During an inflation, the government may respond by;
Doing the opposite as it would during a recession
Raise taxes etc.
too much money in circulation
businesses think there's a lot of demand
Federal Reserve works to control the circulation of money
financial institutions giving too many loans
this results in giving more money to the government
businesses produce more than they can sell, resulting in recession
The amount a worker makes is called productivity. Productivity usually leads to higher wages and lower prices. Productivity in the U.S has fallen behind othe countries. Making forigen products less expensive than american made goods
The Government uses around a billion dollars each year. A lot of the money the government spends comes from taxes, paid bye the people and the business. Sometimes the government borrows back so of the money it spends. When the government does this it may contribute to inflation and puts more in the economy
Bailey, Jack, Lily, Rachel
The economy's weaknesses, strengths, and functions
Employer and employe responses to failed collective bargaining
The way collective bargaining works if the two representatives sit down and talk. When employes refuse labor leaders usually resolve with strike. If a company hires other workers the strikers will not allow with picketing . Picketing strikers walk back and forth with signs. Then there is another kind of picketers who work very slowly. Sit down picketers sit down on the company property which the picketer can be charged with trespassing.
Labor Laws were made to regulate union organizations, labor negotiations + strikes
: prevent abuses by union officials
a person that was once a convicted criminal cannot serve as a union official for at least five years
Collective bargaining, negotiation, contracts and how they are linked.
Negotiation, Controlled Bargaining and Contracts
: an expert on 'relations between labor and management' may be asked to analyze the situation and recommend a solution.
: This is when an expert arbitrator (basically a professional dispute settler) makes a binding decision.
How the government responds to economic problems
Reduce the number of taxes everyone pays
They do this because lower taxes means more spending money for people, more saving money, and it gives businesses more money to produce more goods.
Increase government spending
The government may increase it's spending because this is putting more money into the economy helping it rise out of the recession. This also helps create more job openings.
Doing the opposite
The government does this so that it can take money out of the economy, doing the opposite of a recession and helping everything go back to the norm.
During an expansion, business is going well, people are happy. People have good jobs etc. Businesses are producing more, there for more money is going into the economy.
The highest point in an expansion is a peak. It is only identified after the fact.
A recession is pretty much the opposite of an expansion, business is low, not a lot of money is going into the economy. If it lasts unusually long, it is called a depression. An example of a depression is the Great Depression
A trough is the opposite of a peak. It is the lowest point of a recession and like a peak can only be identified after it happens.
Collective bargaining is a form of labor management. Under collective bargaining, labor unions and employers each have a representative. They negotiate each other's demands. In the end, there are usually compromises on both sides.
Collective bargaining is a type of negotiation. During collective bargaining, the representatives must negotiate and come up with a common ground and make compromises.
When both sides come to an agreement, they must each sign a contract with all of the terms and conditions written out. When the contract expires, the process resets and is done over again.
How they are linked
Negotiation, collective bargaining and contracts are all a part of the collective bargaining process and you can not have one without the other.
workers originally formed labor unions to ask for better working conditions, such as raises in salary, safer working conditions, and shorter work days. To solve these issues employers will try collective bargaining. Colective bargonoing is when, representitives from both the labor and management sides meet to debate changes they want in the workplace.
The Governments Role In Inflation