1. Wonderful Wednesday December 9 D73 Opening Activity Define 1-18 p. 550. Quiz tomorrow!

2. 2.So, how can the government address these economic problems? 1.Fiscal policy (the government policy of taxing & spending money) Recession – The government can reduce the amount of taxes individuals pay & increase government spending. Lower taxes = more money in your pocket to spend & to save which stimulates businesses to produce & creates jobs. Expansion – The government might increase taxes & cut spending to slow down inflation.

3. 2. Monetary Policy Recession – The “Fed” (who controls the amount of money in the economy) can reduce interest rates. This puts more money into the economy. Expansion – The Fed can raise interest rates. This takes money out of the economy.

4. 3. How can citizens/consumers help to improve the economy (during a recession)? By reducing their spending & by saving more of their income. Buying American- made products. By Increasing productivity – become more efficient in the work place

5. What are some common economic problems, and how does the government address these problems? 3rd Answer yesterday’s EQ

6. Why is there frequently tension between labor and management? EQ

7. The Industrial Revolution Organizations of workers that demand better working conditions and/or wages from their employers 1.What led to the rise of factories in the 1800s? 2.What are Labor Unions? Section 3

8. Why do you think some workers tolerated poor working conditions in factories? They needed an income. they knew they could be easily replaced.

9. Representatives from a labor union meet with representatives of an employer and try to reach an agreement (compromise) Discourage workers from entering the workplace or from taking over their jobs Collective bargaining Strikes Picketing Methods used by Labor Unions against Employers

10. Workers show up to work put refuse to work; this prevents the company from bringing in replacement workers and can cost the employer a lot of money The strikers can be charged with trespassing! Show up to work but work slowly. Sit-down strike Slow-downs All of these methods are called job actions except for a strike.

11. lock-outs Blacklists Hire strikebreakers Government intervention – injunction (court order) Methods used by Employers

12. 3. What laws have been passed to ease relations between labor and management? Why were laws needed? - to protect the public from violence between unions and management - to reduce strikes - to prevent employers from using unfair practices

13. Labor Laws * NLRA (National Labor Relations Act or Wagner Act) – legalizes collective bargaining * Labor-Management Relations Act or Taft-Hartley Act – allows the president to order an 80-day cooling off period to delay a strike that would threaten the national welfare

14. 4. What is the status of labor unions and labor relations today? Major issues of concerns include: * health insurance * retirement plans * preserving jobs

15. Labor Unions today Labor Unions have lost some of their importance. Why? Due to the loss of manufacturing jobs to overseas competition. Many states have “right to work” laws that ban the closed shop (a workplace where all employees are required to belong to a labor union) The “right to work” is a legal principle that means that all employees who are qualified for their job are entitled to work at unionized workplaces. It does not mean that every person is entitled to a job.

16. Settling Disputes * Preferred method: collective bargaining * Mediation – not legally binding * Arbitration – legally binding

17. Today’s largest union – AFL-CIO American Federation of Labor/Congress of Industrial Organizations Mission: improve the lives of people who work