Economy Ch.9 Flashcards
Labor Union whose members perform different kinds of work in the same industry.
Industrial Union.
Union-Organized work stoppage designed to gain concessions from an employer.
Strike.
Protest in the form of refusal to buy, including attempts to convince others to take their business elsewhere.
Boycott.
Management refusal to let employees work until company demands are met.
Lockout.
Worst period economic decline in US History, lasting from approximately 1929 to 1939.
Great Depression.
Labor union not affiliated with the AFL-CIO or the change to Win Coalition.
Independent Unions.
Arrangement under which workers must join a union before they are hired; usually illegal.
Closed Shop.
Noninstitutionalized part of the population, aged 16 and over, either working or looking for a job.
Civilian Labor Force.
Prevailing pay scale for work performed in an occupation in a given area or region.
Wage Rate.
Explanation stating that the supply and demand for a worker’s skills and services determine the wage or salary.
Market Theory of Wage Determination.
Length of time a person has been on a job.
Seniority.
Theory that employers are willing to pay more for people with certificates, diplomas, degrees, and other indicators of superior ability.
Signaling theory.
Process of negotiating between union and management representatives over pay, benefits, and job-related matters.
Collective bargaining.
Process of resolving a dispute by bringing in a neutral third party to help both sides reach a compromise.
Mediation.
Agreement between union and management to have a neutral third party collect facts about a dispute and present non binding recommendations.
Face-Finding.
Court order issued to prevent a company or union from taking or not taking action during a labor dispute.
Injunction.
Wage, fringe benefit, or work rule given up when renegotiating a contract.
Giveback.
Seemingly invisible barrier hindering advancement of women and minorities in a white male-dominated organization.
Glass Ceiling.
Guaranteed contract or portion of a contract reserved for a targeted group, usually a minority.
Set-Aside Contract.
Dollar amounts or prices that are not adjusted for inflation.
Current Dollars.
