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Economics Review

Economics Review Chapter 8

QuestionAnswer
Dollars that are not adjusted for inflation Current Dollars
The economy as a whole (think big picture) Macroeconomics
A situation where only union members get hired Closed shop
A court order to not or act or to stop doing something Injunction
A work stoppage until demands are met Strike
When employers pay new people less than people who are already on the job two-tier wage system
Workers who can perform their job with little or no supervision and are able to operate machinery skilled labor
Using a third party to settle disputes Mediation
This leaves neither a shortage or a surplus in the labor market Equilibrium wage rate
A barrier that prevent women and minorities from advancing in their jobs Glass Ceiling
What did the Fair Labor Standards Act do? Set a national minimum wage
Workers who have some skills but still need training are called Semi Skilled Workers
The first federal act to exempt unions from antitrust laws Clayton Anit Trust Act
The idea that wages are base on the supply and demand for labor is called Market Theory of Wage Determination
This prohibits wage and salary discrimination based on worker's skills Equal Pay Act
Created by: japeiler15
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