Econ Unit 3 Vocab

Macroeconomics

The part of economic theory dealing with the economy as a whole and decision making by large units such as governments and unions

boycott

protest in the form of a refusal to buy, including attempts to convince others to join

arbitration

argument by two parties to place a dispute before a third party for a binding settlement

semiskilled labor

workers who can operate machines requiring a minimum amount of training

minimum wage

lowest legal wage that can be paid to most workers

comparable wealth

doctrine stating that equal pay should be given for jobs of comparable difficulty

company union

union organized, supported, and even financed by an employer

unlimited liability

requirement that an owners is personally and fully responsible for all losses and debts of a business

bankruptcy

court granted permission to an individual to cease or delay payment on some or all debts for a limited amount of time

corporation

form is business organization recognized by the law as a separate legal entity with all the rights and responsibilities of an individual

trade union

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

lockout

management refusal to let employees work until company demands are met

injunction

court order issued to prevent a company or union from taking action during a labor dispute

professional labor

workers with a high level of professional and managerial skills

industrial union

labor union workers who preform different kinds of work

collective bargaining

process of negotiation between union and management representatives over, pay, benefits, and job-related manners

sole proprietorship

unincorporated business owned and run by a single person who has rights to all profits and unlimited liability for all debts to the firm; most common form is business in the US

partnership

unincorporated business owned and operated by two or more people who share the profits and have unlimited liability for the debts and obligations of the firm

set aside contract

guaranteed contract or portion thereof reserved for a targeted, usually minority group

two-tier wage system

wage scale paying newer workers a lower wage than others already on the job

strike

union organized work stoppage designed to gain concessions from an employer

right to work law

state law making it illegal to require a worker to join a union

unskilled labor

workers not trained to operate specialized machines and equipment

labor mobility

ability and willingness of labor to relocate, usually for a higher wage

mediation

process of resolving a dispute by bringing in a neutral third party

picket

demonstration before a place of business to protest a company

charter

written government approval to establish a corporation

stock

certificate of ownership in a corporation

dividend

check paid to stockholders, representing a portion of corporate profits

skilled labor

workers who can operate complex equipment and require little supervision