List of Terms and Concepts in Economics

Topics: Employment, Unemployment, Economy Pages: 13 (4080 words) Published: March 11, 2014
Austerity: in economics, refers to a policy of deficit-cutting by lowering spending via a reduction in the amount of benefits and public services provided How it relates to the course
- Downsizing/Austerity means early (forced) retirement for the baby boomers. Unsure if there will be good jobs in the service sector in the future because businesses may pressure reduced government spending to provide more corporate tax cuts and because they caused a recession. The minimum wage is also a tool that encourages austerity. Bad Jobs: a bad job is one that is alienating, authoritarian, unsafe, and precarious. Precarious work involves low pay, part-time or highly variable hours, and no benefits or pensions. How it relates to the course

- Increased health problems are seen among workers who experience high demands but have little control over how to meet these demands. High strain jobs are more common among low-income women working in sales and the service sector. Low income plus low power can result in psychosocial stress, increased morbidity (sickness) and increased mortality (death). Business Cycle: known as cycles of growth and recession. Refers to economy-wide fluctuations in production or economy activity over several months or years How it relates to the course

- Affects employment and the availability of good jobs and sometimes jobs in general. Most social indicators (mental health, crimes, and suicides) worsen during economic recessions. Periods of economic stagnations are painful to many who lose their jobs. Canadian Council of Chief Executives: 150 CEO’s from the top transnational corporations. They are the most powerful interest group in the country. Their goals are to make governments serve the needs of businesses and to work in partnership – with the state as a junior partner. How it relates to the course

- They seek less government which means less spending on education and health care. The CCCE are getting richer while the incomes of regular Canadians are falling. The CCCE also opposed the Kyoto Accords (aimed at fighting global warming) Capitalism: a term used to describe key aspects of the economic and social organization of the productive enterprise How it relates to the course

- Capitalism creates inequality – a measure of the disparity between rich and poor. “If I’m an employer, I can profit by paying you less.” Majority of wealth is held by the top %, while the rest share little amount of money left. Walmart is essentially a bubble within a capitalism society – individuality has to be crushed to be successful. Work conditions during the Karl Marx time was so alienating and dehumanizing that it was predicted people would try to replace capitalism with more of a social system. Capitalism is focused on power, exploitation, inequality, on conflict and control. Cyclical Changes: cycles of growth and recession that occurs due to the business cycle How it relates to the course

- The cyclical changes in the economy can cause unemployment. At a time where the economy is low, there is less of an opportunity for people to find jobs. These jobs might not be available, be taken away from current workers, or be outsourced. When the economy is up, however, the effects may work the other way. Discrimination: practices and attitudes that limit someone’s rights to the opportunities available – because of attributable rather than actual characteristics. Two types of discrimination – (1) intentional discrimination = racism, and (2) by-product of systems and procedures = systemic. E.g. failure to recognize skills, failure to see beyond disability, give preferences to others How it relates to the course

- Majority of Canada are minority citizens. If they are treated unfairly then it means there is a great amount of racialized workers. This results in a lot of people being forced into precarious work situations, which even then may keep them below the poverty line. Employment Equity: a...
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