UNIT III (Ch 8 & 9) Quick- REVIEW

Examples of Fringe Benefits(2): (NOT financial)

• health insurance

• workers' compensation

• Option 1

• Option 2

Vertical vs. horizontal merger

• Horizontal Join 2 or more firms in a competing market Ex Daimler Benz a Chrysler or ATAT.

• Vertical 2 or more firms involved in different stages of producing the same good

• Option 1

• Option 2

Arbitration- if mediation fails, a settlement technique in which a neutral third party reviews the case and imposes a decision that is legally binding for both sides.

• Mediation- settlement technique where a neutral mediator meets with each side to try and find a solution that both sides will accept

• Option 1

• Option 2

• Option 3

Collective bargaining- the process in which union and company reps meet periodically to negotiate a new labor contract

• What are the main goals of collective bargaining? (3 things)

• Wages and benefits

• Working conditions

• Job security

What does limited liability mean?

• All partners are limited from personal liability in certain situations such as mistake by their partnership

• Option 1

• Option 2

• Option 3

Have unions been on the incline or decline in recent decades?

• Decline

• Option 1

• Option 2

• Option 3

Know the advantages and disadvantages of : Sole proprietorship, partnership, franchise, and corporations.

• Advantages

• Easy to start up

• Relatively few regulations

• Sole receiver of profits

Know some examples of Conglomerates.

• Temporary and part-time jobs

• Option 1

• Option 2

• Option 3

What is the government agency that publishes employment data?

• U.S. Bureau of Labor Statistics

• Option 1

• Option 2

• Option 3

What was the most recent jobs report on employment? Historic low or historic high?

• July job openings rates down in 9 states, up in 3; quits down in 7. Historic low

• Option 1

• Option 2

• Option 3