Econ Vocab Chapter 9

Craft Union

Labor union whose members perform the same kind of work; same as trade union

Industrial Union

Labor union whose members perform different kinds of work in the same industry

Strike

Union-organized work stoppage designed to gain concessions from an employer

Picket

Demonstrate or march before a place of business to protest a company's actions or policies

Boycott

Protest in the form of refusal to buy, including attempts to convince others to take their business elsewhere

Lockout

Management refusal to let employees work until company demands are met

Company Unions

Unions organized, supported, or run by an employer

Right-to-Work law

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

Independent Unions

Labor union not affiliated with the AFL-CIO or the Change to Win Coalition

Civilian Labor Force

Noninstitutionalized part of the population, aged 16 and over, either working or looking for a job

Closed Shop

Arrangement under which workers must join a union before they are hired

Union Shop

Arrangement under which workers must join a union after being hired

Modified Union Shop

Arrangement under which workers have the option to join a union after being hired

Agency Shop

Arrangement under which nonunion members must pay union dues

Wage Rate

Prevailing pay scale for work performed in an occupation in a given area or region

Market Theory of Wage Determination

Explanation stating that the supply and demand for a worker's skills and services determine the wage or salary

Equilibrium Wage Rate

Wage rate leaving neither a surplus nor a shortage of workers in the market

Seniority

Length of time a person has been on a job

Signaling Theory

Theory that employers are willing to pay more for people with certificates, diplomas, degrees, and other indicators of superior ability

Mediation

Process of resolving a dispute by bringing in a neutral third party to help both sides reach a compromise

Arbitration

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

Fact-Finding

Agreement between union and management to have a neutral third party collect facts about a dispute and present nonbinding recommendations

Giveback

wage, fringe benefit, or work rule surrendered when renegotiating a contract

Two-Tier Wage System

Wage scale paying newer workers a lower wag3e than others already doing the job

Glass ceiling

Seemingly invisible barrier hindering advancement of women and minorities in a white male-dominated organization

Minimum Wage

Lowest legal wage that can be paid to most workers

Real or Constant Dollars

Dollar amounts or prices that have been adjusted for inflation