Economy
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| Macroeconomics | A branch of economics that deals with the economy as a whole, including employment, gross domestic product, inflation, economic growth, and the distribution of income
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| Civilian Labor Force | Men and women 16 years old and over who are either working or actively looking for a job
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| Craft Union/Labor Union | An association of skilled workers who perform the same kind of work
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| Industrial Union | An association of all workers in the same industry, regardless of the job each worker performs
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| Strike | Refusal to work until certain demands were met
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| Picket | Parade in front of the employer’s business carrying signs about the dispute
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| Boycott | A mass refusal to buy products from targeted employers or companies
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| Lockout | A refusal to let the employees work until management demands were met
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| Company Union | A union organized, supported, or run by employers
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| Great Depression | The greatest period of economic decline is US history
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| Independent Unions | Unions that do not belong to the AFL CIO, such as the Brotherhood of Locomotive Engineers
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| Closed Shop | A situation in which the employer aggress to hire only union members
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| Union Shop | An employment situation where workers do not have to belong to the union to be hired, but must join soon after and remain a member for as long as they keep their jobs
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| Modified Shop | An arrangement where workers do not have to belong to a union to be hired and cannot be made to join one to keep their jobs
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| Agency Shop | An agreement that does not require a worker to join a union as a condition to get or keep a job, but does require the worker to pay union dues to help pay collective bargaining costs
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| Grievance Procedure | A provision for resolving issues that may come up later; may also be included in the final contract
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| Mediation | The process of bringing in a neutral third person or persons to help settle a dispute
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| Arbitration | A process in which both sides agree to place their differences before a third party whose decision will be accepted as final
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| Fact Finding | A agreement between union and management to have a neutral third part collect facts about a dispute and present nonbinding recommendations
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| Injunction | A court order not to act
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| Seizure | A temporary takeover of operations
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| Unskilled Labor | People who work at jobs such as digging ditches, picking fruit, and mopping floors
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| Semiskilled Labor | Workers with enough mechanical abilities and skills to operate machines that require a minimum amount of training
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| Professional Labor | Thos of individuals with the highest level of knowledge based on education and managerial skills
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| Noncompeting Labor Grades | Broad categories of labor that do not directly compete with one another because of experience, training, education, and other human capital investments
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| Wage Rate | A standard amount of pay given for work performed
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| Traditional Theory of Wage Determination | The theory states that the supply and demand for a worker’s skills and services determine the wage or salary
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| Equilibrium Wage Rate | The wage rate that leaves neither a surplus nor a shortage in the labor market
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| Theory of Negotiated Wages | States that organized labor’s bargaining strength is a factor that helps determine wages
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| Seniority | The length of time a person as been on the job
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| Signaling Theory | States that employers are willing to pay more for people with certificates, diplomas, degrees, and other indicators of superior ability
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| Labor Mobility | The ability and willingness of workers to relocate in markets where wages are higher
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| Giveback | A wage, fringe benefit, or work rule given up when a labor contract is renegotiated
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| Two tier Wage System | A system that keeps high wages for current workers, but has a much lower wage for newly hired workers
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| Glass Ceiling | A invisible barrier that obstructs their advancement up the corporate counter
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| Comparable Worth | The principal stating that people should receive equal pay for work that is different from, but just as demanding as, other types of work
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| Set Aside Contract | A guaranteed contract reserved exclusively for a targeted group
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| Part Time Workers | Workers who regularly work fewer than 35 hours per week
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| Minimum Wage | The lowest wage that can be paid by law to most workers
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| Current Dollars | Dollars that are not adjusted for inflation
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| Real or Constant Dollars | Dollars that are adjusted in a way that removes the distortion of inflation
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| Base Year | A year that serves as a comparison for all other years
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