Brainscape's Knowledge GenomeTM

Browse over 1 million classes created by top students, professors, publishers, and experts.


See full index

Economics SL (Year 1) - IB > Unit 2B - The Market for Labour > Flashcards

Unit 2B - The Market for Labour Flashcards

1
Q

Labor Markets

A
  • Market where supply of occupational skills interacts with the demand for labor
  • Allocates labor to various occupations
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
2
Q

Competitive Labour Markets

A

Non-unionized sector of the labour markets

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
2
Q

Demand of Labour

A

The quantities of a type of labor demanded by firms at their respective wage rates

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
3
Q

Non-Union Sectors and the Labor Force

A

Interaction between demand and supply of labor is what determines wages

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
4
Q

↑D good X

A

↑D labor X

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
5
Q

↑P labor substitutes

A

↑D labor

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
6
Q

↑P labor complements

A

↓D labor

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
7
Q

Determinants of labor supply

A
  • Skills
  • Education
  • Experience
  • Training
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
7
Q

↑Worker Productivity

A

↑D Labor

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
8
Q

Supply of Labour

A

The quantities of a service supplied by workers at their respective wage rates

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
9
Q

↑Taxes (on salaries)

A

↓S Labor

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
10
Q

↑Workforce Population

A

↑S Labor

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
10
Q

Attitudes in Work

A
  • Women
  • Work Hours
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
10
Q

Legal Requirements for Unions

A

Employers are legally obligated to bargain with recognized unions

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
11
Q

Elasticity of Supply Determinants

A
  • Skill needed (education, physical capabilities)
  • Time needed for training
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
12
Q

Right to Strike

A

Organized unions can withdraw labour services from employer

13
Q

Restricting Labour Supply

A
  • Unions can restrict labour supply to create higher wage rate
  • Increases unemployment
14
Q

Skilled Worker v. Unskilled Worker Strikes

A

Craft unions (skilled workers) more successful at restricting labour supply than unskilled members of union

15
Q

Increasing Demand for Unionized Labour

A

Unions increase wages by increasing demand for labour for products they produce

16
Q

Methods of Increasing Union Labor demand

A
  • Discouraging employers from using non-union labour
  • Advertising products as union made
  • Preventing employers from using labour-saving technology
  • Pressuring federal Parliament to restrict cheap foreign imports threatening domestically produced goods
17
Q

Process of Unionization

A
  • Workers democratically decide whether to join or form union
  • Certification vote conducted by Labour Relations Board
18
Q

The Vote and Effect on Unionization

A
  • If majority vote for union, union becomes ‘certified’ as representative of workers
  • If majority doesn’t want to keep union anymore, another vote can decertify it
19
Q

Union Security Clause

A

Clause of collective agreement specifying whether or not employees must pay union dues and/or join union

20
Q

Security Clause: Open Shop

A

Employees may choose whether or not to join union and pay dues

21
Q

Security Clause: Closed Shop

A

Employer agrees to hire only workers who are members of union

22
Q

Union Shop

A

New employees must join the union and pay dues after serving a probationary period

23
Q

Rand Formula

A

Employees must pay union dues but can decide to actually join union or not

24
Q

Striking

A
  • Strikes are union’s biggest weapon and is used after mediation and conciliation
  • Disputes over alleged violations of existing contract cannot be resolved by strike
25
Q

Picketing

A

People walk around plant or building with signs informing workers and public that employer has been unfair

26
Q

Boycott

A

Union tries to get people to stop buying things from firm

27
Q

Work-to-Rule

A

Workers strictly follow all rules and regulations in collective agreement to get management’s attention

28
Q

Lockout

A

Employees are denied access to workplace until they accept employer’s conditions

29
Q

Injunction

A
  • Court order forbidding union members from carrying activities
  • Ex: Intimidating workers, impeding activities of company
30
Q

Union and Management Conflict Resolution

A

Employer and union negotiate mutually acceptable collective agreement

31
Q

Conciliation

A

Neutral third party attempts to prevent negotiations from breaking down

32
Q

Mediation

A

Neutral third party tries to suggest possible compromise

33
Q

Voluntary Arbitration

A
  • Neutral third party hears sides of dispute
  • Sides voluntarily submit dispute to arbitration
  • They accept final decision of arbitrator
34
Q

Compulsory Arbitration

A
  • In some cases, federal/provincial law require compulsory arbitration
  • Both parties are required to accept the final decision
  • Rare, only for essential services

Economics SL (Year 1) - IB (5 decks)

Brainscape helps you reach your goals faster, through stronger study habits.
© 2024 Bold Learning Solutions. Terms and Conditions