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unit 3 econ
| Agency shop | company in which employees are not required to join the union, but must pay union dues |
| Strike | to refuse to work in order to force an employer to meet certain demands |
| Arbitration | settling a dispute by agreeing to accept the decision of an impartial outsider |
| Fact-finding | an agreement between union and management to have a neutral third party collect facts about a dispute and present nonbinding recommendations |
| Injunction | An order which legally prevents something |
| Unskilled labor | labor that requires no specialized skills, education, or training |
| Semiskilled labor | workers with enough mechanical abilities and skills to operate machines that require a minimum amount of training |
| Skilled labor | labor that requires specialized skills and training |
| Professional labor | workers with a high level of professional and managerial skills |
| Wage rate | a standard amount of pay given for work performed |
| Seniority | years of service, which is used as a consideration for assigning committee members |
| Glass ceiling | A metaphor alluding to the invisible barriers that prevent minorities and women from being promoted to top corporate positions. |
| Closed shop | A company with a labor agreement under which union membership can be a condition of employment. |
| Union shop | A company in which new employees must join a union within a stated time period. |
| Modified union shop | arrangement under which workers have the option to join a union after being hired |
| Mediation | negotiation to resolve differences conducted by some impartial party |
| Set-aside contract | guaranteed contract or portion of a contract reserved for a targeted group, usually a minority |
| Part-time worker | worker who regularly works fewer than 35 hours per week |
| Minimum wage | a minimum price that an employer can pay a worker for an hour of labor |
| Sin tax | a relatively high tax designed to raise revenue and reduce consumption of a socially undesirable product such as liquor or tobacco |
| Incidence of a tax | the final burden of a tax |
| Tax loophole | exception or oversight in the tax law allowing taxpayer to avoid taxes |
| Individual income tax | a tax on a person's earnings |
| Sales tax | A tax on a sale of merchandise or services |
| Benefit principle of taxation | belief that taxes should be paid according to benefits received regardless of income |
| Ability-to-pay principle of taxation | belief that taxes should be paid according to level of income regardless of benefits received |
| Proportional tax | A tax in which the average tax rate is the same at all income levels. |
| Progressive tax | A tax for which the percentage of income paid in taxes increases as income increases |
| Regressive tax | A tax for which the percentage of income paid in taxes decreases as income increases |
| Payroll withholding system | system that automatically deducts income taxes from paychecks on a regular basis |
| IRS | Internal Revenue Service |
| FICA | taxes that fund Social Security and Medicare |
| Medicare | A federal program of health insurance for persons 65 years of age and older |
| Excise tax | a tax on the production or sale of a good |
| Estate tax | tax on the transfer of property when a person dies |
| Gift tax | a tax on money or property that one living person gives to another |
| Property tax | a tax based on real estate and other property |
| Tax assessor | an official who determines the value of a property |
| Surcharge | a charge added to the usual cost |
| Capital gains | a profit from the sale of property or of an investment. |
| Flat tax | proportional tax on individual income after a specified threshold has been reached |
| Public sector | the part of the economy that involves the transactions of the government |
| Private sector | the part of the economy that involves the transactions of individuals and businesses |
| Federal budget | A detailed financial document containing estimates of federal income and spending during the coming fiscal year |
| Fiscal year | an accounting period that is one year long |
| Medicaid | A federal and state assistance program that pays for health care services for people who cannot afford them. |
| Deficit spending | Government practice of spending more than it takes in from taxes |
| Federal debt | The sum of all the money that the federal government has borrowed over the years and not yet repaid. |
| Balanced budget | Budget in which revenues are equal to spending |
| Entitlement | social welfare program that people are "entitled to" if they meet certain eligibility requirements |
| Barter economy | moneyless economy that relies on trade |
| Gold standard | A monetary system in which paper money and coins are equal to the value of a certain amount of gold |
| Federal reserve system | the central bank of the United States |
| Run on the bank | a rush by depositors to withdraw their funds from a bank before it failed |
| Credit union | A nonprofit financial institution that is owned by its members and organized for their benefit. |
| Finance company | an organization that makes high-risk consumer loans |
| Bill consolidation | a form of credit in which the lender combines all of a person's debts into a single monthly payment |
| Premium | an amount to be paid for an insurance policy. |
| Mutual fund | fund that pools the savings of many individuals and invests this money in a variety of stocks, bonds, and other financial assets |
| Pension | a sum paid regularly to a person, usually after retirement |
| 401 (k) | an employer-sponsored retirement plan in which the employee, and usually the employer, make payments into a fund that the employee manages |
| OTC | over the counter |
| S&P 500 | market index of U.S. equities based on the performance of 500 large-cap stocks representing various sectors of the overall equities market |
| Bull market | A period of increased stock trading and rising stock prices |
| Bear market | A steady drop in the stock market over a period of time |
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lydiaAB44
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