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Chapter 8 Terms
Economy
| Question | Answer |
|---|---|
| Macroeconomics | A branch of economics that deals with the economy as a whole, including employment, gross domestic product, inflation, economic growth, and the distribution of income |
| Civilian Labor Force | Men and women 16 years old and over who are either working or actively looking for a job |
| Craft Union/Labor Union | An association of skilled workers who perform the same kind of work |
| Industrial Union | An association of all workers in the same industry, regardless of the job each worker performs |
| Strike | Refusal to work until certain demands were met |
| Picket | Parade in front of the employer’s business carrying signs about the dispute |
| Boycott | A mass refusal to buy products from targeted employers or companies |
| Lockout | A refusal to let the employees work until management demands were met |
| Company Union | A union organized, supported, or run by employers |
| Great Depression | The greatest period of economic decline is US history |
| Independent Unions | Unions that do not belong to the AFL CIO, such as the Brotherhood of Locomotive Engineers |
| Closed Shop | A situation in which the employer aggress to hire only union members |
| Union Shop | An employment situation where workers do not have to belong to the union to be hired, but must join soon after and remain a member for as long as they keep their jobs |
| Modified Shop | An arrangement where workers do not have to belong to a union to be hired and cannot be made to join one to keep their jobs |
| Agency Shop | An agreement that does not require a worker to join a union as a condition to get or keep a job, but does require the worker to pay union dues to help pay collective bargaining costs |
| Grievance Procedure | A provision for resolving issues that may come up later; may also be included in the final contract |
| Mediation | The process of bringing in a neutral third person or persons to help settle a dispute |
| Arbitration | A process in which both sides agree to place their differences before a third party whose decision will be accepted as final |
| Fact Finding | A agreement between union and management to have a neutral third part collect facts about a dispute and present nonbinding recommendations |
| Injunction | A court order not to act |
| Seizure | A temporary takeover of operations |
| Unskilled Labor | People who work at jobs such as digging ditches, picking fruit, and mopping floors |
| Semiskilled Labor | Workers with enough mechanical abilities and skills to operate machines that require a minimum amount of training |
| Professional Labor | Thos of individuals with the highest level of knowledge based on education and managerial skills |
| Noncompeting Labor Grades | Broad categories of labor that do not directly compete with one another because of experience, training, education, and other human capital investments |
| Wage Rate | A standard amount of pay given for work performed |
| Traditional Theory of Wage Determination | The theory states that the supply and demand for a worker’s skills and services determine the wage or salary |
| Equilibrium Wage Rate | The wage rate that leaves neither a surplus nor a shortage in the labor market |
| Theory of Negotiated Wages | States that organized labor’s bargaining strength is a factor that helps determine wages |
| Seniority | The length of time a person as been on the job |
| Signaling Theory | States that employers are willing to pay more for people with certificates, diplomas, degrees, and other indicators of superior ability |
| Labor Mobility | The ability and willingness of workers to relocate in markets where wages are higher |
| Giveback | A wage, fringe benefit, or work rule given up when a labor contract is renegotiated |
| Two tier Wage System | A system that keeps high wages for current workers, but has a much lower wage for newly hired workers |
| Glass Ceiling | A invisible barrier that obstructs their advancement up the corporate counter |
| Comparable Worth | The principal stating that people should receive equal pay for work that is different from, but just as demanding as, other types of work |
| Set Aside Contract | A guaranteed contract reserved exclusively for a targeted group |
| Part Time Workers | Workers who regularly work fewer than 35 hours per week |
| Minimum Wage | The lowest wage that can be paid by law to most workers |
| Current Dollars | Dollars that are not adjusted for inflation |
| Real or Constant Dollars | Dollars that are adjusted in a way that removes the distortion of inflation |
| Base Year | A year that serves as a comparison for all other years |
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saxplayer2011
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