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12 ECON Vocab 8
study material economics vocab Ch 8 - Ponder
| Term | Definition |
|---|---|
| strike | refusal to work until demands are met |
| part-time worker | worker who regularly works fewer than 35 hours per week |
| injunction | court order not to act |
| glass ceiling | invisible barrier that prevents women and minorities from advancing up the corporate ladder |
| macroeconomics | economy as a whole, including employment, gross domestic product, inflation, economic growth, and distribution of income |
| closed shop | situation in which an employer can hire only union members |
| mediation | use of a neutral third person or persons to help settle a dispute |
| skilled labor | workers who are able to operate complex equipment and can perform their tasks with little supervision |
| seniority | length of time a person has been on a job |
| minimum wage | lowest wage that can be paid by law to most workers |
| comparable worth | People should receive equal pay for work that is different from, but just as demanding as, other types of work |
| unskilled labor | laborers who work primarily with their hands because they lack training |
| union shop | employment situation where new workers must join a union after being hired |
| right-to-work law | state law making it illegal to force workers to join a union |
| arbitration | Labor and management agree to accept a third party's decision as binding. |
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breckart2
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