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Econ Ch 8 NHS 2018
Econ Ch 8 NHS 2014
| Term | Definition |
|---|---|
| labor force | all persons in a nation who are at least 16 years old and either working or actively looking for work. |
| wage | the payment that a worker receives for his or her labor. |
| intrinsic reward | non-monetary compensation that has no financial worth but is desirable to because of the recipient's personal value. |
| derived demand | the increase demand for resources, such as labor, that results from consumer demand for a particular object. |
| industialization | the process of mechanizing all major forms of industry. |
| capital-intensive | a condition that depends on machines or capital assets to produce goods. |
| labor-intensive | a term to describe an economy that has a large proportion of labor input relative to capital investment. |
| quota | the minimum number of new hires to be made through an affirmative action program |
| labor union | an organization of workers that negotiates with employers for better wages, better working conditions, and job security. |
| closed shop | a business that hires only union employees |
| open shop | a workplace that does not require a person to belong to a union. |
| fringe benefit | a non wage payment that employers make to employers in addition to basic wages. |
| seniority | the length of time that a person works for a company. |
| collective baragaining | the process by which labor union leaders, speaking for the members they represent, and management representatives meet to negotiate labor contracts. |
| mediation | a process for settling disputes in which a neutral third party listen to each side, asks questions and clarifies issues , and proposes a solutions. |
| arbitration | a process for settling a dispute in which a mutually agreed-upon third party listens to each side and makes a settlement decision. |
| strike | a work stoppage by employees of a labor union members acting together to bring pressure on their employer to give in to their demands on some job-related dispute. |
| primary boycott | an organized effort to stop purchases of a firm's products. |
| secondary boycott | a refusal to buy the goods or services of any firms that does business with a company whose employees are on strike. |
| coordinated campaigning | a strategy in a labor dispute in which workers or a labor union use a variety of tactics, such as picketing, primary boycotts, and secondary boycotts, to force an employer to give in to their demands. |
| lockout | a shut down of a business by an employer, or other refusal to let striking employers come to work, in protest of worker of labor union demands. |
| injunction | a court order in a labor dispute that forbids specified acts by specified individuals or groups. |
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Candy.mcdevitt
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