Chapter 8 Vocab

Question 1

All persons in a nation who are at least 16 years old and either working or actively looking for work

Answer 1

Labor force

Question 2

The payment that a worker receives for his or her labor

Answer 2

Wage

Question 3

Non-monetary compensation that has no financial worth but is desirable because of the recipients personal values

Answer 3

Intrinsic reward

Question 4

The increased demand for resources such as labor that results from consumer demand for a particular product

Answer 4

Derived demand

Question 5

The process of mechanizing all major forms of production

Answer 5

Industrialization

Question 6

A condition describing a company, industry, or national economy that depends on machines or capital assets to produce goods

Answer 6

Capital intensive

Question 7

A term to describe an economy that has a large proportion of labor input relative to capital investment

Answer 7

Labor-intensive

Question 8

A program, supported by law, requiring US employers, labor unions, and other institutions to eliminate discrimination against women and minorities by increasing hiring, promotion, training, and other opportunities for members of these groups

Answer 8

Affirmative action

Question 9

The minimum number of new hires to be made through an affirmative action program

Answer 9

Quota

Question 10

An organization of workers that negotiated with employers for better wages, improved working conditions, and job security

Answer 10

Labor union

Question 11

A business where membership in a labor union is not a condition of employment

Answer 11

Open shop

Question 12

A business that hires only labor union members

Answer 12

Closed shop

Question 13

A no wage payment that employers make to employees in addition to basic wages

Answer 13

Fringe benefit

Question 14

A ranking of employees based on the number of years a worker has been employed by a firm

Answer 14

Seniority

Question 15

The process by which labor union leaders, speaking for the members they represent and management representatives meet to negotiate labor contracts

Answer 15

Collective bargaining

Question 16

A process of settling disputes in which a neutral third party listens to each side, asks questions, and clarifies issues and proposes a solution

Answer 16

Mediation

Question 17

A process for settling a dispute in which a mutually agreed upon third party listens to each side and makes a settlement decision

Answer 17

Arbitration

Question 18

A work stoppage by employees or labor union members acting together to bring pressure on their employer to give in to their demands on some job related dispute

Answer 18

Strike

Question 19

An organized effort to stop purchases of a firm’s products. It is a tactic to express disapproval or to force the other party to take some desired action

Answer 19

Primary boycott

Question 20

A refusal to buy the goods or services of any firm that does business with s company whose employees are on strike

Answer 20

Secondary boycott

Question 21

A strategy in a labor dispute in which workers or a labor union use a variety of tactics such as picketing, primary boycott, and secondary boycotts, to force an employer to give in to their demands

Answer 21

Coordinated campaigning

Question 22

A shutdown of a business by an employer or other refusal to let striking employees come to work in protest of worker or labor union demands

Answer 22

Lockout

Question 23

A court order in a labor dispute that forbids specified acts by specified individuals or groups

Answer 23

Injunction