Ch. 22 Section 2. Labor Unions. In a complete sentence, write a statement describing each of the following (Do not just copy the definition!)–. Labor Unions Trade Unions Industrial Unions Right to work law Closed shop Union shop. Strikes Injunction National Labor Relations Board
Amer. Federation of
Amer. Federation of
United American Nurses
American Postal Workers Union
Airline Pilots Assoc.
Ex. 1995 MLB season
Ex. 1946 U.S. seized the coal industry because of the countries need for this energy source. Operation of the mines continued, until labor and management came to an amicable agreement
Prevents unions from forcing workers to join
Movement of Human Capital
Rust belt – the North
Sun belt – the South
Factories & businesses moved from the rustbelt to the sunbelt
Weather was better
No existing unions
White collar vs. Blue collar jobs
White Collar = upper management
Lot of news on white collar crime in big business. Example: Enron, Merrill Lynch
Blue Collar = working class, usually doing manual laborUnions Today
Blue Collar Workers
Medium of Exchange
Used to trade/purchase goods/services
Store of Value
Ability to storeor save
Medium/Measure of Value
Can be divisible
Each one must be equal to the other
Not easy to counterfeit
Standard of Deferred Payment
Used to buy on creditMoney
Joyce wants to buy a new coffee mug for $5, but decides to wait until payday.
Ben bought 2 tickets for a movie
Melissa promised to repay next month a loan Emily gave her
Ken was trying to decide whether to buy 3 candy bars for $.50 each or 1 chocolate Sunday for $1.65
Joanne purchased a new hat as a present for her sister
Tyrone puts $20 into his savings account. He hopes to save enough money to buy a new dirt bike.
Henry has to pay the bank $187.50 a month for the next 4 years on his new car loan.
Kim decided to take the $.75 bus ride rather than an $8 cab ride.
The manager of Apex Stores gave Maria her paycheck
George always likes to keep a $20 bill stashed away in his wallet for emergencies.
Savers = deposits
Borrowers = loans
Banks are a business and have profit motive
Make money off of fees and interest on loans
Reserve Requirements – banks want more deposits so they can loan more moneyBanking
Sample Bank Book
3.Certificate of Deposit (CDs)
3. Revolving Account