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55 Cards in this Set
- Front
- Back
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Macroeconomics |
Branch of econ that deals with te economy as a whole, including employment, gross domestic product, inflation, econ growth, an distribution of income |
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Civilian Labor Force |
Men and women 16+ yrs old who either work or are looking for a working job if you work full time |
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Craft Unions/Trade Unions |
Association of skilled workers who performed the same kind of work (Skilled) |
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Industrial Union |
Association of all workers in the same industry regardless of the job each worker performs (general) |
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Strike |
Refusal to work until demands are met |
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Picket |
Parade with signs addressing the issue at hand |
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Boycott |
Refusal to buy products from the employers or companies |
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Lockout |
Refusal to let the employees work until management demands are met |
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Company unions |
Union organized, supported or run by employers |
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Great Depression |
Greatest period of economic decline and stagnation in US history (Oct 1929-1939) |
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Norris La Guardia Act |
Companies have to associate with unions |
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Wagner Act |
Right of unions to collective bargaining |
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Fair Labor Standards Act |
Applies to businesses that engage in interstate commerce |
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Taft-Hartley Act |
Put limits on hat unions were allowed to do |
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Right to work laws |
Illegal to force workers to join a union as a condition of employment even if a union already exist in said company |
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Landrum-Griffin Act |
Tried to protect individual union members from unfair actions of unions and union official |
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Sam Gompers |
Brought together the AFL-CIO |
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American Federation of Labor-Committee for Industrial Organization |
Set up craft unions in industries that were ununionized |
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Independent Unions |
Unions that do not belong to the AFL-CIO |
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Closed shops |
Situation in which the employer agrees to hire only union members |
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Presidential Imtervention |
Regan, Clinton, and Truman; pres may enter a labor-management dispute by publicity appealing to both parties to resolve their differences |
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Union shops |
Where workers do not gve to belong to the union to be hired but have to join one right after in order to keep their jobs |
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Modified union shops |
Where workers don't have to belong to a union to be hired and cannot be made to join one to keep their job |
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Agency shop |
Agreement that does not require a worker to join a union as a condition to get/keep a job but does require all workers to pay union dues to help pay collective bargaining costs |
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Grievance procedure |
Provision for resolving issues that may come up later |
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Mediation |
Process of bringing in a neutral 3rd party person(s) to settle a disput |
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Arbitration |
Both sides agree to place their differences before a 3rd party whose decision will be accepted as final |
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Fact-Finding |
Agreement between union and management to have a neutral 3rd party collect facts about a disputed and present nonbinding recommendations |
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Injunction |
Court order not to act |
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Seizure |
Temporary take over of operations |
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Unskilled labor |
Work primarily with their hands because they lack the training and skills required for other tasks; makes minimum wage up to $10 an hour |
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Signing theory |
States that employers are willing to pay more for people with certificates, diplomas, degrees, and other indicators or "signals" of superior ability |
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Labor mobility |
Ability an willingness of workers to relocate in markets where wages are higher |
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Semiskilled labor |
Workers with enough mechanical abilities and skills to operate machines that require a minimum amount of training; makes between $9-$14 an hour |
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Skilled labor |
Workers who are able to operate complex equipment and can perform tasks with little supervision; makes $10+ an hour |
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Professional labor |
Individuals with the highest level of knowledge based education and managerial skills; makes $10+ an hour |
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Noncompeting labor grades |
Broad categories of labor that don't directly compete with one another because of experience, training, edu, and other human capital investments |
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Wage rate |
Standard amount of pay given for work performed |
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Traditional theory of wage determination |
States the supply and demand for a workers skills and services determine the wage salary |
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Equilibrium wage rate |
Leaves neither surplus not shortage in the labor market |
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Theory of negotiated wages |
States organized labors bargaining strength is a factor that helps determine wages |
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Seniority |
Length of time a person has been on the job |
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Give backs |
Wage, fringe benefit, or work rule given up when a labor contract is negotiated |
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Scab |
Workers who filled in for union members when they went on strike |
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Hoffa |
Teamster union rep |
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Teamsters |
Union for truck drivers |
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Two-tier wage system |
Keeps high wages for current workers, but has a much lower wage for newly hired workers |
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Glass ceiling |
Invisible barrier that obstructs their advancement up the corp ladder |
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Comparable worth |
Principle stating that people should receive equal pay for work that is different from, but just as demanding as other types of work |
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Set aside contract |
Reserved exclusively for a targeted group |
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Part time workers |
Workers who regularly work fewer than 35 hrs per week |
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Minimum wage |
Lowest wage that can be paid by law to most workers |
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Current dollars |
Dollars that are not adjusted for inflation |
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Real/Constant dollars |
Dollars that are adjusted in away that removes the distortion of inflation |
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Base year |
Year that serves as a comparison for all other years |
