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Econ Chapter 8
Employment, Labor, and Wages
| Term | Definition |
|---|---|
| Craft Union | labor union whose members perform the same kind of work |
| Trade Union | labor union whose members perform the same kind of work |
| Industrial Union | labor union whose members perform different kinds of work in the same industry |
| Strike | union-organized work stoppage designed to make an employer meet union demands |
| Picket | demonstrate or march before a place of business to protest a company’s action |
| Boycott | refusal to buy products from an employer or company |
| Lockout | management refusal to let employees work until demands are meant |
| Company Union | union organized, supported, or run buy an employer |
| Great Depression | worst period of economic decline in U.S. history, lasting from 1929 to approximately 1939 |
| Right-to-Work Law | state law making it illegal to require a worker to join a union |
| Independent Union | labor union not affiliated with the AFL-CIO or the Change to Win Coalition |
| Closed Shop | arrangements under which workers must join a union before they are hired |
| Union Shop | arrangement under which workers must join a union after being hired |
| Modified Union Shop | arrangement under which workers have the option to join a union after being hired |
| Agency Shop | arrangement under which nonunion workers must pay union dues |
| Civilian Labor Force | noninstitutionalized part of the population, aged 16 and over, either worker or looking for a job |
| Wage Rate | prevailing pay scale for work performed in an occupation |
| Unskilled Labor | workers not trained to operate specialized machines and equipment |
| Semiskilled Labor | workers who operate machines that require a minimum amount of training |
| Skilled Labor | workers who are trained to operate complex equipment and require little supervision |
| Professional Labor | workers with a high level of training, education, and managerial skills |
| Market Theory of Wage Determination | explanation of wage rates relying on theory of supply and demand |
| Equilibrium Wage Rate | wage rate leaving neither a surplus nor a shortage in the market |
| Theory of Negotiated Wages | explanation of wage rates based on the bargaining strength of organized labor |
| Seniority | length of time a person has been on a job |
| Signaling Theory | theory that employers are willing to pay more for ppl w certificates, diplomas, and other indicators of superior ability |
| Collective Bargaining | process of negotiation bt unions and management reps over pay, benefits, and job-related matters |
| Grievance Procedure | provision in a labor contract that outlines how future disputes and disagreements will be resolved |
| Mediation | process of resolving a dispute by bringing in a neutral third party |
| Arbitration | agreement by two parties to place a dispute before a third party for a binding settlement |
| Binding Arbitration | agreement by two parties to place a dispute before a third party for a binding settlement |
| Fact-Finding | agreement between union and management to have a neutral third party collect facts about a dispute and present nonbinding recommendations |
| Injunction | court order issued to prevent a company or union from taking action during a labor dispute |
| Seizure | temporary gov takeover of a company to keep it running during a labor-management dispute |
| Giveback | wage, fringe benefit, or work rule given up when renegotiating a contract |
| Two-Tier Wage System | wage scale paying newer workers a lower wage than others already on the job |
| Glass Ceiling | seemingly invisible barrier hindering advancement of women and minorities in male-dominated organization |
| Set-Aside Contract | guaranteed contract or portion of contract reserved for targeted group, usually minority |
| Minimum Wage | lowest legal wage that can be paid to most workers |
| Current Dollars | dollar amounts or prices that are not adjusted for inflation |
| Constant Dollars | dollar amounts of prices that have been adjusted for inflation |
| Real Dollars | dollar amounts of prices that have been adjusted for inflation |
| Base Year | year serving as point of comparison for other years in price index or other statistical measure |
| Fair Labor Standards Act | Established a Federal Minimum Wage |
| Clayton Antitrust Act | exempted unions from antitrust laws |
| Equal Pay Act | prohibits wage and salary discrimination for jobs requiring equivalent skills and responsibilities |
| Norris-LaGuardia Act | Federal courts could issue no rulings against unions engaged in peaceful strikes, picketing, boycotts |
| National Labor Relations Act (Wagner Act) | Unions could collective bargain, police unfair labor practices |
| Landrum-Griffin Act | Unions had to file regular financial reports with the government |
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