Businesses, Labor and the Globalized Marketplace

Benefits

part of an employee's compensation over and above wages or salary

Union

An association of workers, formed to bargain for better working conditions and higher wages.

Wagner Act (1935)

established National Labor Relations Board; protected the rights of most workers in the private sector to organize labor unions, to engage in collective bargaining, and to take part in strikes and other forms of concerted activity in support of their demands.

Boycott

refusal to buy or use goods and services. (collective bargaining strategy)

strike

to refuse to work in order to force an employer to meet certain demands. (collective bargaining strategy)

Picketing

Picketing

The gathering of striking workers at a business site as a sign of protest

Open Shop

a workplace where employees are not required to join a union

Closed shop

an agreement in which a company agrees to hire only union members

scabs/strikebreakers

people hired to make union strikes ineffective

injunction

an court order which legally prevents something (like a strike)

Fair Labor Standards Act (1938)

1938 law that set a minimum wage, a maximum workweek of 44 hours, and outlawed child labor

Benefits

part of an employee's compensation over and above wages or salary

Sole Proprietorship

a business owned and managed by a single individual

General Partnership

A partnership in which all owners share in operating the business and in assuming liability for the business's debts

Limited Liability Company (LLC)

a form of business ownership that offers both limited liability to its owners and flexible tax treatment

Corporation

A business owned by stockholders who share in its profits but are not personally responsible for its debts

Franchise

A business established with permission to sell or distribute a larger company's goods or services in a particular area

Non-Profit Organization

A business whose goal is to provide a service rather than to make a profit, such as the American Red Cross.

royalties

The share of earnings given by a franchisee as payment to the franchiser

Monopoly

Complete control of a product or business by one person or group

Oligopoly

A market structure in which a few large firms dominate a market

Pure Competition

A market structure characterized by an extremely large number of sellers, none strong enough to significantly influence price or supply on their own

Monopolistic Competition

a market structure in which a large number of companies sell products that are similar but not identical and engage in non-price competition.

World Trade Organization (WTO)

International organization that regulates global trade

Globalists

Advocates for open global trade and economic integration

Protectionists

Advocates for protecting domestic industries through trade barriers

Free Trade

Unrestricted international trade without trade barriers

Protective tariff

Tax on imported goods to protect domestic industries

Revenue tariff

Tax on imported goods to generate government revenue

Quota

Limit on the quantity of a specific good that can be imported

Multinational corporations

Companies that operate in multiple countries

Sweatshops

Factories with poor working conditions and low wages

living wage

A wage that is sufficient for a person to meet their basic needs and have a decent standard of living.

outsourcing

The practice of hiring an external company in another country to perform certain tasks or services.

Subsidies

Financial assistance or support given by the government to certain industries or businesses.

Exporting American culture.

The spread and influence of American values, customs, and products to other countries.

'Mom and Pop' Shop

A small, family-owned and operated business

'Big Box' store

A large retail store, typically part of a chain, that sells a wide variety of products. Ex. Walmart

International Monetary Fund (IMF)

An international organization that provides financial assistance and advice to member countries.

World Bank

An international financial institution that provides loans and grants to the governments of poorer countries for the purpose of pursuing capital projects.