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54 Cards in this Set

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Macroeconomics
the branch that deals with the economy as a whole; includes employment, gross domestic product, inflation, economice growth, and the distribution of income;
civilian labor force
men and women 16 and over who are either working or actively looking for a job; doesn't include armed forces, the prison population, and other institutionalized persons;
union development from colonial time to the civil war
unions were very small and comprised of skilled workers and strong bargaining power; public opinion was against union activity and in some places banned;
union development from the civil war to the 1930's
labor force became unified between immigrants and american-born; two types of unions came out: craft union or trade union, and industrial union;
craft union
also known as trade union; an association of skilled workers who perform the same kind of work;
industrial union
an association of all workers in the same industry, regardless of the job each worker performs;
to strike
to refuse to work until certain demands are met;
picket
to parade in front of the employer's business carrying signs about the dispute;
boycott
a mass refusal to buy products from targeted employers or companies;
lockout
a refusal to let the employees work until management demands were met;
a company union
a union organized, supported, or run by employers; used to head off efforts by others to organize workers;
courts views
the courts had unfavorable attitudes toward unions; they persecuted the unions with the Sherman Antitrust Act of 1890, until the Clayton Antitrust Act (1919) was passed;
Great Depression
the greatest period of economic decline and stagnation in the United States history; began with the collapse of the stock market in October 1929;
Norris-LaGuardia Act of 1932
prevented federal courts from issuing rulings against unions engaged in peaceful strikes, picketing, or boycotts;
National Labor Relations Act or Wagner Act
established the right of unions to collective bargaining; created the National Labor Relations Board which had the power to police unfair labor practices;
Fair Labor Standards Act
(1938) fixes a federal minimum wage for workers and extablishes overtime pay; applies to businesses that engage in interstate commerce; prohibits oppressive child labor;
Unions since World War II
viewed positivly during the depression but after WWII, labor unions were considered communist action; too many strikes and the public began to feel that management soon became the victim;
Labor-Management Relations Act or Taft-Hartley Act
put limits on what unions can do in labor-management disputes; gave employers the ruight to sue unions for breaking contracts, and prohibits unions from making union membership a condition for hiring; cooling-off period and right-to-work laws;
cooling-off period
80 day long period where the federal courts could delay a strike in the case of a national emergency;
right-to-work law
state law making it illegal to force workers to join a union as a condition of employment, even though a union may already exist at the company;
The Labor-Management Reporting and Disclosure Act or Landrum-Ghriffin Act
protected individual union members from unfair actions of unions and union officials; file fiancial reports with the gov't and limit the amount of money they can borrow from the union;
American Federation of Labor (AFL)
started in the late 1800's as a craft union; soon added several industrial unions;
independant unions
unions that aren't a part of the AFL-CIO (American Federation of Labor and Congress of Industrial Organizations);
closed shop
where the employer agress to hire only union members; gives union the power to determine who is hired;
union shop
workers do not have to belong to a union to be hired, but must join soon after and remain a member for as long as they keep their jobs;
modified union shop
workers do not have to belong to a union to be hired and cannot be made to join one to keep their jobs; if you join, they you have to remain a member;
agency shop
aggreement that does not require a worker to jion a union as a condition to get or keep a job, but does require the worker to pay union dues to help pay collective bargaining costs;
collective bargaining
where the two sides meet and both compromise to reach an agreement;
grievance procedure
a provision for resolving issues that may come up later;
mediation
the process of bringing in a neutral third person to help settle a dispute; not binding;
arbitration
a process in which both sides agree to place their differences before a third party whose decision will be accepted as final;
fact-finding
an agreement between union and management to have a neutral third party collect facts about a dispute and present a nonbinding recomendations;
infunction
a court order not to act, like in a strike;
seizure
a temporary takeover of operations-to allow the gov't to negotiate with the union;
unskilled labor
workers who lack training and skills
semiskilled labor
some mechanical abilities to poerate machines that require a minimum amount of training;
skilled labor
workers who can operate complex equipment and can perform their tasks with little supervision;
professional labor
those with the highest level of konwledge based education and managerial skills;
non competing labor grades
catagories of labor that don't compete with each other;
wage rate
a standard amount of pay given for work performed
traditional theory of wage determination
supply and demand for a workers skills determine the wage;
equilibrium wage rate
the wage rate that leaves neither a surplus nor a shortage in the labor market
signaling theory
the idea that employers are willing to pay more for people with certificates, diplomas, degrees and other signals;
giveback
a wage, fringe benefit, or work rule given up when a labor ccontract is renegotiated;
reasons for lower pay for women
human capital differences; occupation distribution; discrimination;
Equal Pay Act
prohibits wage and salary discrfimination for jobs that require equivalent skills;
Civil Rights Act
set up EEOC which investigates charges of discrimination;
comparable worth
principle that people should recieve equal pay for work that is just as demanding;
set-aside contracts
a contract for a certain group of workers;
part-time workers
those who work less than 35 hours a week;
real or constant dollars
dollars that are adjusted in a way that removes the distortion of inflation;
base year
a year that serves as a comparison for all other years;
economic impact of taxes
resource allocation, behqavior adjustment: sin tax, productivity and growth;
criteria for effective taxes
equity, simplicity, and efficiency;