Economics: Chapter 9 – Labor & Wages – Flashcards
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Wage Rate
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Price of labor
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Derived Demand
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A demand that is the result of some other demand.
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Minimum Wage Law
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A federal law that specifies the lowest hourly wage rate that can be paid to workers.
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Labor Union
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An organization that seeks to increase the wages and improve the working conditions of its members.
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Closed Shop
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Business that only hire union workers. Keeps number of workers down...creates higher pay. They are now illegal.
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Nominal Wages
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The wage that you get paid.
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Union Shop
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An organization that requires employees to join the union within a certain period after being hired.
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Strike
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An organization stoppage called by union members to put pressure on an employer.
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Right-to-work law
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State law that prohibits the practice of requiring employees to join a union to work.
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Called Union Shop
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Requires workers to join union once they are hired.
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Glass Ceiling
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A metaphor used to describe the invisible barrier that prevents women from getting top management jobs.
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Taft-Harley Act
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Act passed in 1947 by congress making closed shop organizations illegal.
