Economics Chapter 8 Definitions – Flashcards
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great depression
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greatest period of United States' economic decline
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union shop
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workers hired must belong to or join a union
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independent union
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a group that does not belong to the AFL-CIO
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injunction
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court order not to act
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base year
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time that serves as a basis of comparison for all years
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labor mobility
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ability and willingness of workers to relocate to aras where wages are higher
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trade union
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association of skilled workers who perform the same job
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industrialization
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association of all workers in an industry
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picket
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parade in front of employer's business to advertise a dispute
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mediation
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bringing in a third party to help settle a dispute
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giveback
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wage, benefit, or work rule given up in labor renegotiation
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professional labor
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working with high-level skills
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strike
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refusal to work until certain demands are met
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lockout
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refusal to let employees work until management demands are met
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seizure
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temporary operations takeover
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glass ceiling
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invisible barrier hindering advancement of women and minorities
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wage rate
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standard amount of pay
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macroeconomics
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area of economics that deals with the economy as a whole
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craft/trade union
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an association of skilled workers who perform the same kind of work
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boycott
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a mass refusal to buy products from targeted employers or companies
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right-to-work law
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a state law making it illegal to force workers to join a union as a condition of employment
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agency shop
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they are subject to it even if they don't agree
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fact-finding
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an agreement between union and management to have a neutral 3rd party collect facts about a dispute and present nonbinding recommendations
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unskilled labor
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people that work with no skill, their job requires no skill, normally they only work with their hands
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semiskilled labor
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workers who have enough mechanical abilities and skills to operate machines that require a minimum amount of training
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skilled labor
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workers who are able to operate complex equipment and perform their tasks with little supervision
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signaling theory
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states that employers are usually willing to pay more for workers with signals of superior ability
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comparable worth
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a principle that states that people should receive equal pay for work that is different form, but just as demanding
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set-aside contract
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a guarenteed contract reserved exclusively for a targeted group
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two-tier wage system
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a system that keeps high wages for current workers but has a much lower wage for newly hired workers
