Unit 4 Exam Review Flashcards
What is the difference between Craft unions and Industrial Unions?
Craft unions are made up of members who perform the same work, industrial unions are made up of members who perform different kinds of work but in the same industry
Union organized work stoppage designed to gain concessions from an employer
Strike
Demonstration or march before a place of business to protest a company’s actions or policies
Picket
Protest in the form of refusal to buy
Boycott
State law making it illegal to require a worker to join a union
Right-to-work-laws
explanation stating that the supply and demand of a worker’s skills and services determine the wage or salary
Market Theory of Wage Determination
Explanation of Wage rates based on the bargaining strength of organized labor
Theory of Negotiated Wages
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 by two to place a dispute before a third party for a binding settlement
Arbitration
Agreement between union and management to have a neutral third
party collect facts about a dispute and represent nonbinding recommendations.
Fact-Finding
Court order issued to prevent a company
or union from taking or not taking action
during a labor dispute.
Injunction
Temporary government takeover of a
company to keep it running during a
labor management dispute.
Seizure
Seemingly invisible barrier hindering the advancement of women and minorities in a white male-dominated organization
Glass ceiling
Wage scale paying newer workers a
lower wage than others already on the
job.
two-tier wage system
Wage, fringe benefit, or work rule given
up when renegotiating a contract.
giveback
systematic changes in real GDP marked by alternating periods of expansion and
contraction.
Business Cycles
changes in real GDP marked by alternating periods of expansion and
contraction that occur on an irregular basis.
Business Fluctuations
decline in real GDP lasting at least two quarters or more.
Recession
Point in time when real GDP stops expanding
and begins to decline.
Peak
Point in time when real GDP stops declining
and begins to expand.
Trough
period of uninterrupted growth of real GDP, industrial production, real income, and employment lasting for several years or more; recovery from recession.
Expansion
Index used to measure price changes for a
market basket of frequently used consumer items.
CPI
State of the economy with large numbers of
unemployed, declining real incomes,
overcapacity in manufacturing plants, and
general economic hardship.
Depression
explanation that prices rise because all sectors of the economy try to buy
more goods and services than the economy can produce.
Demand-Pull Inflation
noninstitutionalized part of the population, aged 16 and over, either working or looking for a job.
Civilian Labor Force
state of working for less than one hour per week for pay or profit in a non-family-owned business, while being available and having made an effort to find a job during the past month.
unemployed
Ratio of unemployed individuals divided by total number of persons in the civilian labor force, expressed as percentage
unemployment rate
unemployment caused by workers changing
jobs or waiting to go to new ones.
Frictional Unemployment
unemployment caused by a fundamental
change in the economy that reduces the demand for some workers.
Structural Unemployment
unemployment caused by technological
developments or automation that make some workers’ skills obsolete.
Technological Unemployment
unemployment directly related to swings in
the business cycle.
Cyclical Unemployment
unemployment caused by annual changes in
the weather or other conditions that prevail at certain times of the year.
Seasonal Unemployment
When was the first attempt to organize labor
The first attempt to organize labor in
America was in 1778,
During the Great depression, what ratio of workers were without jobs
1 in 4
what does high demand and low supply mean?
High annual wages
What are the 4 explanations of wage determination?
- Noncompeting Categories of Labor
- Market theory of wage determination
- Theory of negotiated Wages
- Signaling theory
What are the Noncompeting Categories of Labor?
- Unskilled Labor
- Semi-Skilled Labor
- Skilled Labor
- Professional Labor
What are 7 ways to solve labor disputes?
Collective Bargaining
Mediation
Arbitration
Fact Finding
Injunction
Seizure
Presidential intervention
What are 3 reasons for lower income for women?
- Human Capital Differences
- Gender And occupation
- Discrimination
what are the 5 causes of business cyles?
- External Shocks
- Changes in Investment Spending
- Changes in monetary policy
- Fiscal-Policy Shocks
- Speculation and “Bubbles”
External Shocks
an increase in oil prices, wars, or international conflicts
Changes in investment Spending
changes in capital expenditures
changes in monetary policy
point to the federal reserve system’s policies on interest rates
Fiscal-Policy Shocks
fiscal policy, the use of federal government spending and revenue-collection measures, have also been blamed
Speculation and “bubbles”
expectations about the future
ratio of unemployed individuals divided by total number of persons in the civilian labor force, expressed as a
percentage.
Unemployment Rate
unemployment caused by workers changing
jobs or waiting to go to new ones.
Frictional Unemployment
unemployment caused by a fundamental
change in the economy that reduces the demand for some workers.
Structural Unemployment:
unemployment caused by technological
developments or automation that make some workers’ skills obsolete.
Technological Unemployment
unemployment directly related to swings in
the business cycle.
Cyclical Unemployment
unemployment caused by annual changes in
the weather or other conditions that prevail at certain times of the year.
Seasonal Unemployment
