Studied by 49 people
Fast Fashion
Cheap and low-quality clothing that is rapidly produced and cycled in and out of the market to meet new trends.
Seasonal Unemployment
Unemployment that depends on certain trends in the year or seasons, such as fishermen not working in the winter due to harsh weather conditions.
Cyclical Unemployment
Unemployment caused by a decrease in demand for goods and services in a sector, leading to layoffs.
Structural Unemployment
Unemployment caused by a mismatch between the skills demanded by employers and the skills offered by workers.
Professional Association
An organization formed to unite and inform people who work in the same occupation, providing resources and opportunities.
External Stakeholders
Individuals or groups outside of a company who are indirectly affected by its decisions and outcomes.
Networking
The act of building relationships and connections with others for personal and professional growth.
Ontario Health and Safety Legislation
Legislation designed to ensure the safety and health of workers in the workplace, outlining rights and responsibilities.
Itinerant Worker/Migrant Worker
Workers who move around different regions or countries for employment, often due to seasonal differences.
Union/Organized Labour
Associations representing the common interests of workers in a particular industry, negotiating better terms and conditions with employers.
Underground Economy
An economy where goods and services are traded illegally, evading taxes and government regulations.
Dual Market
The existence of two distinct segments within an industry or economy, such as legal versus illegal markets or formal versus informal economies.
Black Market
A segment of the economy where illegal transactions occur, involving goods and services forbidden by law.
Automation
The use of technology to perform tasks previously done by humans, potentially leading to unemployment and changes in employment.
Cooperative Workers
Workers who are part of enterprises owned and democratically controlled by their members, sharing profits and decision-making.
Outsourcing
The practice of hiring external vendors to perform tasks or provide services that could be done internally.
Fraud
Intentional deception or misrepresentation made by an individual or entity to gain unauthorized benefits, often financial.
Tax Evasion
The illegal practice of not paying taxes by not reporting income, reporting illegal expenses, or not paying taxes owed.
Supply
The total amount of a specific good or service available to consumers at a given price level and time.
Demand
Consumers' willingness and ability to purchase goods or services at a given price level and time.
Gini Coefficient
A measure of income or wealth distribution within a population, indicating greater inequality with higher values.
Fair Trade
A movement aimed at helping producers in developing countries achieve better trading conditions and promoting sustainability.
Ethical Consumerism
Making purchasing decisions based on ethical considerations, such as labor conditions, environmental impact, and corporate governance.
Green Products
Products designed to minimize environmental impacts, using sustainable materials and processes.
GMOs
Genetically Modified Organisms, organisms whose genetic material has been altered through genetic engineering.
Market Economy
An economic system where supply and demand guide production and consumption with minimal government intervention.
Traditional Economy
An economic system where traditions, customs, and beliefs guide the production and distribution of goods and services.
Command Economy
An economic system where the government makes all decisions regarding the production and distribution of goods and services.
Mixed Economy
An economic system that combines elements of both market and planned economies, with some sectors controlled by the state and others by private enterprise.
5 Steps in Establishing a Union
Build and organise a committee
Leaders are identified and an organising committee representing all major departments and all shifts reflecting the racial, ethnic and gender diversity in the workforce is established. Organising committee training begins immediately.
Adopt an issue programs
The committee develops a program of union demands (the improvements you are organising to achieve) and a strategy for the union election campaign. A plan for highlighting the issues program in the workplace is carried out through various organising campaign activities.
Sign-up majority on Union Cards
Your co-workers are asked to join UE and support the union program by signing membership cards. The goal is to sign-up a sizable majority. This “card campaign” should proceed quickly once and is necessary to hold a union election.
Win the Union Election
The signed cards are used (and required) to petition the state or federal labour board to hold an election. It will take the labour board at least several weeks to determine who is eligible to vote and schedule the election. The union campaign must continue and intensify during the wait. If the union wins, the employer must recognize and bargain with the union.
Negotiate a contract
The Organizing campaign does not let up after an election victory. The real goal of the campaign, a union contract. Workers must be mobilised to support the union's contract demands and pressure the employer to meet them.
Contract Workers
Workers who work under fixed-term contracts, often with specialized skills, offering flexibility but less job security.
Frictional Unemployment
Unemployment that arises as a result of people moving between jobs, careers, and locations.
Structural Unemployment
Unemployment that occurs due to a mismatch between the skills demanded by employers and the skills offered by workers.
Seasonal Unemployment
Unemployment that happens when people are unemployed at certain times of the year due to seasonal or weather-dependent jobs.
Regional Unemployment
Higher concentration of unemployment in specific regions, often caused by the decline of industries predominant in those areas.
Youth Unemployment
Joblessness among young people, typically between the ages of 15-24, often due to lack of skills or work experience.
Inventory
The process of recording and managing a firm's stock of goods or materials.
Inventory
Taking inventory is needed to ensure that a firm’s inventory records match the physical count, to support materials management and to ensure that a correct ending inventory balance is reported on its balance sheet:
Holidays
Christmas
Haloween
How Businesses use Supply and Demand
Informs company on quantity, need and future preparation (inventory and recording monthly records)
Ex: Propane in the Winter
People who use propane to heat their houses don’t need to use a lot of propane
But in the winter when it is really cold, they need more propane
Workers Cooperative
A business model where employees own and democratically manage the enterprise, sharing profits and decision-making.
Labour Unions
Groups that represent collective interests of workers, negotiating with employers over wages, benefits, and working conditions.
Foreign Workers
Individuals working in countries other than their own, often filling roles in construction, agriculture, or caregiving.
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