1. Bell Ringer #9 – 3/20/09 1.Name 2 things workers may do to push for better wages from employers. 2.What is an injunction? 3.Explain the duty of a “mediator”

2. Fringe Benefits Fringe Benefits are nonwage payments Paid sick days, holidays, vacation days, health/life insurance, savings, retirement plans Some companies offer employee stock ownership plans (ESOPs)

3. Mediation Sometimes a neutral third party is needed to help reach a negotiation The third party is a “mediator” – listens to both sides and suggests how an agreement may be reached

4. Boycotts Primary Boycott – organized by a union as an effort to stop purchases of a firm’s products Secondary Boycott – a refusal to buy the goods or services of any firm that does business with a company whose employees are on strike.

5. GDP Gross Domestic Product (GDP) – a measure of an economy’s strength. GDP is the total dollar value of all final goods and services produced within a country during 1 calendar year Macroeconomists use GDP to predict the future of the economy

6. What does GDP mean? G = Gross (total, complete) D = Domestic (home, country, nation) P = Product (what is produced or made) Basically, its means the total amount produced in a country in one year

7. Estimated GDP - 2007 WorldWorld - $48 trillion European Union $14 trillionEuropean Union United StatesUnited States $13 trillion JapanJapan - $4 trillion ChinaChina - $3 trillion Mexico - $800 billion Senegal – $9 billion Jamaica - $6 billion

8. Calculate GDP GDP = C + I + G + (X – M) C = consumer purchases, what ppl buy I = gross investments (new machinery) G = Government purchases (roads, war) X = exports (goods sold abroad) I = imports (foreign goods purchased)

9. Homework Read Ch 9 Complete “Identifying” and Understanding” – due Monday