Economics Vocab. Words

the branch of economics that deals with the economy as a whole

men and women 16 years old and over who are either working or actively looking for a job

an association of skilled workers who perform the same kind of work

an association of all workers in the same industry, regardless of the job each worker performs

refusal to work until certain demands are met

parade in front of the employer's business carrying signs about the dispute

a mass refusal to buy products from targeted employers or companies

refusal to let the employees work until management demands were met

a union organized, supported, or run by employees

the greatest period of economic decline and stagnation in the US history

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

unions that do not belong to the AFL-CIO, such as the Brotherhood of Locomotive Engineers

a situation in which the employer agrees to hire only union members

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

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

an agreement that does not require a worker to join a union as a condition to get or keep a job

a provision for resolving issues that may come up later

the process of bringing in a neutral third person or persons to help settle a dispute

a process in which both sides agree to place their differences before a third party whose decision will be accepted is final

an agreement between union and management to have a neutral third party collect facts about a dispute and present non-binding recommendations

a court order not to act

~a temporary take over of operations

~Work primarily with their hands

~Lack the training and skills required for their task

~ Enough mechanical abilities and skills to operate machines that require a minimum amount of training

~includes workers who are able operate complex equipment and can perform their tasks with little supervision

~ those individuals with the highest level of knowledge- based education and managerial skills

broad categories of labor that do not directly compete with one another

a standard amount of pay given for work performed

states that the supply and demand for a worker's skills and services determine the wage or salary

the wage rate that leaves neither a surplus not a shortage in the labor market

states that organized labor's bargaining strength is a factor that helps determine wages

the length of time a person has been on the job

states that employers are willing to pay more for people with certificates

the ability and willingness of workers to relocate in markets where wages are higher

a wage, fringe, or rule given up when a labor contract is renegotiated

a system that keeps high wages for current workers, but has much lower wage for newly hired workers

an invisible barrier that obstructs their advancement up the corporate ladder

the principle stating that people should receive equal pay for work that is different from, but just as demanding as other types of work

a guaranteed contract reserved for a targeted group

those workers who regularly work fewer than 35 hours per week

the lowest wage that can be paid by law to most workers

in dollars that are not adjusted for inflation

dollars that are adjusted for inflation

a year that serves as a comparison for all other years