Economics Chapter 8 Section 3 Vocabulary – Flashcards
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giveback
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a wage, fringe benefit, or work rule given up when a labor contract is renegotiated
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two-tier wage system
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a system that keeps high wages for current workers, but has a lower wage for newly hired workers
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glass ceiling
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an invisible barrier that obstructs their advancement up the corporate ladder
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set-aside contract
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a guaranteed contract reserved for a targeted group
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minimum wage
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the lowest wage that can be paid by law to most workers
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current dollars
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dollars not adjusted for inflation
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real/constant dollars
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dollars that are adjusted in a way that removes the distortion of inflation
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base year
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a year that serves as a comparison for all other years
