Economics: The Labor Movement and Business Growth

Vocabulary flashcards covering key terms from the economics lecture notes on labor movements, union activities, and business growth.

Union

An organization of workers formed to protect and promote their rights and interests.

Craft Union

A union made up of workers who have a specific skill or trade.

Industrial Union

A union that includes all workers in an industry, regardless of their specific job.

Collective Bargaining

Negotiation process between employers and a group of employees aimed at reaching agreements on wages and working conditions.

Boycott

A strategy where consumers refrain from buying products or services from a company to pressure them for change.

Picketing

A form of protest where workers march outside a workplace to draw public attention to their grievances.

Taft-Hartley Act

A federal law that restricts the activities and power of labor unions.

Fair Labor Standards Act of 1938

Legislation that established minimum wage, overtime pay, and restrictions on child labor.

Norris-LaGuardia Act

A law that protects the rights of workers to organize and strike without interference from employers.

Ludlow Massacre

A violent confrontation between strikers and the Colorado National Guard in 1914, resulting in multiple deaths.

Right-to-Work Laws

State laws that make it illegal to require union membership as a condition of employment.

CIO (Congress of Industrial Organizations)

A federation of unions that organized workers in mass production industries.

Nonprofit Organizations

Organizations that operate for purposes other than generating profit for owners or shareholders.

Sole Proprietorship

A business owned and operated by a single individual.

Partnership

A business structure where two or more individuals manage and operate a business together.

Merger

The combination of two or more companies into a single entity.

Multinational Corporation

A company that has facilities and assets in multiple countries.

Average Wage Rate

The standard amount of pay given for work performed in a particular job or industry.

Equilibrium Wage Rate

The wage rate at which the supply of labor matches the demand for labor.

Minimum Wage

The lowest legal hourly wage that can be paid to workers.

Discrimination

Unfair treatment of individuals based on characteristics like gender, race, or age.

Collective Bargaining Agreement

A written legal contract between an employer and a union representing the employees.

Signaling Theory

The theory that higher wages can signal a worker's skill level or experience to employers.

horizontal merger

when two businesses w/ the same product joins forces

vertical merger

when two businesses who don’t have the same product joins forces / are at diff parts of sales, marketing, or manufactoring

cash flow

sum of net income and noncash charges such as depreciation

closed shop

companies only hire ppl who are in unions

union shop

workers need to join union right after getting hired

modified union shop

dont need to join union but if they do they need to stay in

agency shop

dont need to join union but will be paying fees due to collective bargaining

conglomerate

four or more businesses who are creating unrelated products and evenly split sales

incubators

places where entreprenuers can get training in accounting, engineering, and managerial skills

venture capitalists

provide start-up funds in exchange for equity

angel investors

ppl who gnereosuly provide start up funds

bulk-losing industries

industries that are sorted closer to raw-materials export

bulk-gaining industrie

industries where it’s cheaper to import raw materials rather than export finished product

chamber of commerce

organization that promotes the welfare of members’ businesses

better business bureau

interested in helping customer ; keeps track of complaints and general information on companies