C10 Econ Vocab

Break-and-butter unionism

This means focusing on the economic issues that affect workers’ daily lives.

Right-to-work states

Currently there are some 20 ___. Most are located in the South and West.

Right-to-work laws

A law that prohibits employers from making union membership a requirement for getting or keeping a job. Twenty two states have ___.

Union shop

In a ___, workers are required to join the union after being hired.

Collective bargaining

Negotiations between an employer and a group of employee, usually represented by a labor union, to determine the conditions of employment.

Closed shop

A business that will only hire workers who are union members.

Yellow-dog contract

Prohibited workers from joining unions.

Certification

An official recognition that a person is qualified in his or her field.

Affirmative action

Policies designed to promote the hiring of individuals from groups that have historically faced job discrimination. Such groups include minorities, women, and people with disabilities.

Fringe benefits

Nonwage compensations offered to workers in addition to pay. Examples include health insurance plans and paid vacations.

Wage gap

A difference in the wages earned by various groups in society.

Wage discrimination

___ occurs when some workers are paid less to do the same job as other workers because of their ethnicity, gender, or other personal characteristics.

Equilibrium wage

The rate of pay that results in neither a surplus nor a shortage of labor. If the wage for a job is set above equilibrium level, too many workers will apply.

Inshoring

This process, known as ___, creates jobs for American workers.

Offshoring

Relocating work and jobs to another country.

Globalization

The process by which people around the world, along with their economic activities, are becoming increasingly interconnected.

Knowledge workers

Another key trend in the labor market is the growing need for ___. Management consultant Peter Drucker coined this term in 1959 to describe people who work with information or who develop or apply information in the workplace.

Telecommuting

___ is another growing practice in the labor market. Telecommuters do much or even all of their work at home, using phones and computers to remain connected to their workplaces.

Temporary workers

___ are employed for limited periods of time for a variety of reasons.

Outsourcing

The business practice of sending work once done by company employees to outside contractors.

Labor force

The portion of the population that has paid work is seeking work.