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Econ Ch 8 NHS 2018

Econ Ch 8 NHS 2014

TermDefinition
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.
Created by: Candy.mcdevitt
 

 



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