Economics Chapter 8 Vocabulary Test Questions – Flashcards
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Craft Union/ Trade Union
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An association of skilled workers who perform the same kind of work.
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Industrial Union
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An association of all workers in the same industry, regardless of the job of each individual worker performs.
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Strike
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A refusal to work until certain demands are met.
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Picket
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A parade in front of the employer's business carrying signs about the dispute.
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Boycott
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A mass refusal to buy products from targeted employers or companies
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Lockout
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A refusal to let employees work until they agree to management demands.
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Company Union
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Unions organized, supported, or run by employers- to head off efforts by others to organize workers.
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Great Depression
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The worst period of economic decline and stagnation in the history of the U.S.
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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, even though a union may already exist.
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Independent Union
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Unions that do not belong to the AFL-CIO or the Change to Win Coalition.
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Closed Shop
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The most restrictive kind of union in which an employer agrees to hire only union members.
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Union Shop
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A union arrangement 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.
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Modified Union Shop
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A union 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.
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Agency Shop
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An agreement that does not require a worker to join a union as a condition to get or keep a job. However, they must pay union dues to help pay for collective bargaining costs.
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Civilian Labor Force
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Men and women 16 years old and over who are either working or actively looking for a job.
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Wage Rate
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A standard amount of pay given for work performed
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Unskilled Labor
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Workers in jobs that do not require people with special training and skills.
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Semiskilled Labor
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Workers in jobs that require enough mechanical skills to operate machines for which they need a minimum amount of training.
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Skilled Labor
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Workers in jobs who operate complex equipment and perform most of their tasks with little supervision.
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Professional Labor
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Workers who have the highest level of knowledge-based education and managerial skills.
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Market Theory of Wage Determination
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States that the supply and demand for a worker's skills and services determine the wage or salary.
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Equilibrium Wage Rate
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the wage rate that leaves neither a surplus nor a shortage in the labor market.
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Theory of Negotiated Wages
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States that the bargaining strength of organized lavor is a factor that helps to determine wages.
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Seniority
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The length of time a person has been on the job.
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Signaling Theory
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States employers are willing to pay more to people with certificates, degrees, and other indicators that "signal" superior knowledge or ability.
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Collective Bargaining
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Negotiations that take place between labor and management over issues such as pay, working hours, health care coverage, and other job related matters.
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Grievance Procedure
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A provision for resolving issues that may come up later.
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Mediation
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The process of bringing in a neutral third person or persons to help settle a dispute.
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Arbitration
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A process in which both sides agree to place their differences before a third party whose decision will be accepted as final. (This is also known as Binding Arbitration.)
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Fact-Finding
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An agreement between union and management to have neutral third party collect facts about a dispute and present nonbinding recommendations.
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Injunction
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A court order not to act.
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Seizure
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A temporary takeover of operations.
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Giveback
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A wage, fringe benefit, or work rule given up when a labor cantract 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 a worker's 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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Constant Dollars
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Dollars that are adjusted in a way that removes the distortion of inflation.
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Real 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.
