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54 Cards in this Set
- Front
- Back
Macroeconomics
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the branch that deals with the economy as a whole; includes employment, gross domestic product, inflation, economice growth, and the distribution of income;
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civilian labor force
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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;
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union development from colonial time to the civil war
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unions were very small and comprised of skilled workers and strong bargaining power; public opinion was against union activity and in some places banned;
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union development from the civil war to the 1930's
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labor force became unified between immigrants and american-born; two types of unions came out: craft union or trade union, and industrial union;
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craft union
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also known as trade union; 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 each worker performs;
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to strike
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to refuse to work until certain demands are met;
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picket
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to 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 the employees work until management demands were met;
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a company union
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a union organized, supported, or run by employers; used to head off efforts by others to organize workers;
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courts views
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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;
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Great Depression
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the greatest period of economic decline and stagnation in the United States history; began with the collapse of the stock market in October 1929;
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Norris-LaGuardia Act of 1932
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prevented federal courts from issuing rulings against unions engaged in peaceful strikes, picketing, or boycotts;
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National Labor Relations Act or Wagner Act
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established the right of unions to collective bargaining; created the National Labor Relations Board which had the power to police unfair labor practices;
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Fair Labor Standards Act
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(1938) fixes a federal minimum wage for workers and extablishes overtime pay; applies to businesses that engage in interstate commerce; prohibits oppressive child labor;
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Unions since World War II
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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;
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Labor-Management Relations Act or Taft-Hartley Act
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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;
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cooling-off period
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80 day long period where the federal courts could delay a strike in the case of a national emergency;
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right-to-work law
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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;
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The Labor-Management Reporting and Disclosure Act or Landrum-Ghriffin Act
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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;
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American Federation of Labor (AFL)
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started in the late 1800's as a craft union; soon added several industrial unions;
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independant unions
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unions that aren't a part of the AFL-CIO (American Federation of Labor and Congress of Industrial Organizations);
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closed shop
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where the employer agress to hire only union members; gives union the power to determine who is hired;
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union shop
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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;
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modified union shop
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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;
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agency shop
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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;
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collective bargaining
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where the two sides meet and both compromise to reach an agreement;
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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 to help settle a dispute; not binding;
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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;
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fact-finding
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an agreement between union and management to have a neutral third party collect facts about a dispute and present a nonbinding recomendations;
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infunction
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a court order not to act, like in a strike;
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seizure
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a temporary takeover of operations-to allow the gov't to negotiate with the union;
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unskilled labor
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workers who lack training and skills
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semiskilled labor
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some mechanical abilities to poerate machines that require a minimum amount of training;
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skilled labor
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workers who can operate complex equipment and can perform their tasks with little supervision;
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professional labor
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those with the highest level of konwledge based education and managerial skills;
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non competing labor grades
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catagories of labor that don't compete with each other;
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wage rate
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a standard amount of pay given for work performed
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traditional theory of wage determination
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supply and demand for a workers skills determine the wage;
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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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signaling theory
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the idea that employers are willing to pay more for people with certificates, diplomas, degrees and other signals;
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giveback
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a wage, fringe benefit, or work rule given up when a labor ccontract is renegotiated;
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reasons for lower pay for women
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human capital differences; occupation distribution; discrimination;
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Equal Pay Act
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prohibits wage and salary discrfimination for jobs that require equivalent skills;
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Civil Rights Act
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set up EEOC which investigates charges of discrimination;
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comparable worth
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principle that people should recieve equal pay for work that is just as demanding;
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set-aside contracts
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a contract for a certain group of workers;
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part-time workers
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those who work less than 35 hours a week;
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real or 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;
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economic impact of taxes
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resource allocation, behqavior adjustment: sin tax, productivity and growth;
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criteria for effective taxes
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equity, simplicity, and efficiency;
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