Economics Vocab. Words

  1. macroeconomics
    the branch of economics that deals with the economy as a whole
  2. civilian labor force
    men and women 16 years old and over who are either working or actively looking for a job
  3. craft union/ trade union
    an association of skilled workers who perform the same kind of work
  4. industrial union
    an association of all workers in the same industry, regardless of the job each worker performs
  5. strike
    refusal to work until certain demands are met
  6. picket
    parade in front of the employer's business carrying signs about the dispute
  7. boycott
    a mass refusal to buy products from targeted employers or companies
  8. lockout
    refusal to let the employees work until management demands were met
  9. company union
    a union organized, supported, or run by employees
  10. Great Depression
    the greatest period of economic decline and stagnation in the US history
  11. right-to-work law
    a 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
  12. independent unions
    unions that do not belong to the AFL-CIO, such as the Brotherhood of Locomotive Engineers
  13. closed shop
    a situation in which the employer agrees to hire only union members
  14. union shop
    an employment situation where workers do not have to belong to the union to be hired, but must join soon after and remain a member for as long as they keep their jobs
  15. modified union shop
    workers do not have to belong to a union to be hired and cannot be made to join the union, however, they must remain members for as long as they hold their jobs
  16. agency shop
    an agreement that does not require a worker to join a union as a condition to get or keep a job
  17. grievance procedure
    a provision for resolving issues that may come up later
  18. mediation
    the process of bringing in a neutral third person or persons to help settle a dispute
  19. arbitration
    a process in which both sides agree to place their differences before a third party whose decision will be accepted is final
  20. fact-finding
    an agreement between union and management to have a neutral third party collect facts about a dispute and present non-binding recommendations
  21. injunction
    a court order not to act
  22. seizure
    ~a temporary take over of operations
  23. unskilled labor
    ~Work primarily with their hands

    ~Lack the training and skills required for their task
  24. semiskilled labor
    ~ Enough mechanical abilities and skills to operate machines that require a minimum amount of training
  25. skilled labor
    ~includes workers who are able operate complex equipment and can perform their tasks with little supervision
  26. professional labor
    ~ those individuals with the highest level of knowledge- based education and managerial skills
  27. noncompeting labor grades
    broad categories of labor that do not directly compete with one another
  28. wage rate
    a standard amount of pay given for work performed
  29. traditional theory of wage determination
    states that the supply and demand for a worker's skills and services determine the wage or salary
  30. equilibrium wage rate
    the wage rate that leaves neither a surplus not a shortage in the labor market
  31. theory of negotiated wages
    states that organized labor's bargaining strength is a factor that helps determine wages
  32. seniority
    the length of time a person has been on the job
  33. signaling theory
    states that employers are willing to pay more for people with certificates
  34. labor mobility
    the ability and willingness of workers to relocate in markets where wages are higher
  35. give back
    a wage, fringe, or rule given up when a labor contract is renegotiated
  36. two-tier wage system
    a system that keeps high wages for current workers, but has much lower wage for newly hired workers
  37. glass ceiling
    an invisible barrier that obstructs their advancement up the corporate ladder
  38. comparable worth
    the principle stating that people should receive equal pay for work that is different from, but just as demanding as other types of work
  39. set-aside contract
    a guaranteed contract reserved for a targeted group
  40. Part-time workers
    those workers who regularly work fewer than 35 hours per week
  41. minimum wage
    the lowest wage that can be paid by law to most workers
  42. current dollars
    in dollars that are not adjusted for inflation
  43. real or constant dollars
    dollars that are adjusted for inflation
  44. base year
    a year that serves as a comparison for all other years
Card Set
Economics Vocab. Words
Chapter 8 vocab