LABOR SUPPLY: effect of union and non-union wages. are monopsony employers
think about a monopsony and how you intend to define it - what firm or type of firm might you be
looking at - or would you look at a labor union as a monopsony employer? This might
Medical Anatomy and Physiology
- RESPIRATORY SYSTEM
Respiratory Therapist (Therapeutic Services)- The respiratory therapist assess, treat,
and care for patients with breathing disorders. Assume primary responsibility for all
Notes for Section 2_1
Investment in Financial Capital
Investment - use of economic resources to make a _PROFIT_.
FINANCAIL CAPITAL_ - liquid resources of a government, business, or individual
_SAVING_: setting money aside for future use
Notes for Section 1-2
Proverb #4: Just because you do not pay for something does not mean it is not costly TANSTAAFL
TANSTAAFL = There Aint No Such Thing As A _ Lunch
Types of Imputed Costs & Benefits:
Imputed _ costs
o the cost of having your money tied
Notes for Section 1-1
Microfoundations: Concepts for Making Consumer Decisions
What is the difference between _ and _?
Microeconomics focuses on the behavior of individual consumers, households, & businesses.
1. Why do some couples choose to hav
Notes for Section 1-3
Prices for particular products/services may shift over time because of changes in factors that affect supply
It is possible that during a period of general inflation that some prices may still decline
Notes for Section 1-4
Proverb #7: The Only Two Certainties in Life are Death and Taxes
Costs and benefits of alternative resource allocation options should only be assessed _ of taxes
o Some choices of how to spend resources are nontaxable and therefore t
Notes for Section 2_3
What Must You Know to Determine Retirement Savings Needs?
6 key questions
1. What factors influence when you retire?
o 24% of individuals age 45-54 report one or more health limitations
o 37% of individuals age 55-64
Notes for Section 2_2
What is your financial goal?
o Just starting your own financial life apart from your parent(s)/guardian(s)
o Managing all of your financial resources effectively, but unprepared to meet
Notes for Section 2_4
4. What interest rate will you get on retirement investments?
Difficult to answer with high degree of accuracy because
o of _INVESTMENT_ risks
o The real rate of return on ALL financial investments has averaged _3.5%_ ov
Notes for Section 3_1
_tangible goods_ purchased by the household that are used up over time. Such _durable goods_ may
serve as an investment or means of storing wealth
Largest Physical Capital Investment Made by a Family is a HOUSE.
Notes for Section 3_3
Which credit card is best for you?
o Annual _FEE_
o Periodic _INTEREST RATE_
o How they calculate outstanding _BALANACE_ (grace period and loan repayment)
Do you pay off your balance every month? -OR- Do you ca
Notes for Section 3_2
What sparked the creation of alternative mortgage instruments in the late 1970s?
High rates of _INFLATION_ made lenders uneasy about locking into a 30-year loan at any fixed interest rate
As housing prices rose, first-time home buyer
Notes for Section 4_1
Human Capital Investment The process of increasing the households holdings of _ either by engaging in formal or informal
_ or by _ household members.
Examples of Human Capital Investment.
getting a college education
teaching your son
Notes for Section 4_2
The process of identifying and evaluating situations involving _ to determine and implement
the appropriate means for its management.
_ - situation where the household chooses to set aside resources