| A | B |
|---|
| macroeconomics | the part of economics that deals with the economy as a whole, and with the behavior and decision making by large units |
| civilian labor force | civilian men and women from 16 to 65 years old either working or actively looking for a job |
| trade union | an association of skilled workers who perform the same kind of work |
| industrial union | an association of all workers in a given industry, regardless of the job each person performs |
| strike | to refuse to work until certain demands are met |
| picket | parade in front of the employer's business carrying signs about the dispute |
| boycott | mass refusal to buy products from targeted employers or companies |
| lockout | a refusal to let the employees work until management demands are met |
| company unions | unions organized, supported, or run by employers - to head of effors by others to organize workers |
| Great Depression | the greatest period of economic decline and stagnation in the history of the United States |
| right-to-work law | a state law making it illegal to require workers to join a union |
| jurisdictional dispute | a diagreement over which union should perform a certain job |
| independent unions | unions that do not belong to the AFL-CIO |
| closed shop | an arrangement in which the employer agrees to hire only union members |
| union shop | workers do not have to belong to a union to be hired, but must join soon after and remain a member for as long as they keep their jobs |
| modified union shop | workers do not have to belong to a union to be hired and cannot be made to join one to keep their job |
| agency shop | workers need to be union members to be hired or to keep their jobs |
| gievance procedure | a provision for resolving issues that come up later |
| volunatary arbitration | both sides agree to place their differences before a third party whose decision will be accepted as final and binding |
| compulsory arbitration | labor and management are forced to turn an unsettled dispute over to a third party for a binding decision |
| fact-finding | labor and management agree to have an independent third party investigate the issues and recommend possible settlements |
| injunction | a court order not to act |
| seizure | a temporary takeover of operations |
| unskilled labor | most people who work with their hands |
| semiskilled labor | workers with mechanical abilities |
| skilled labor | workers who are able to operate complex equipment and who can do their tasks with little supervision |
| professional labor | workers with higher-level skills - doctors, lawyers, teachers, etc |
| traditional theory of wage determination | theory that uses the tools of supply and demand to explain differences in wage rates |
| equilibrium wage | the wage rate that leaves neither a surplus nor a shortage in the labor market |
| theory of negotiated wages | explanation of wage rates based on the bargaining strength of irganized labor |
| labor mobility | the ability and willingness of workers to relocate in markets where wages are higher |
| giveback | a wage, fringe benefit, or work rule given up when labor contracts are renegotiated |
| two-teir wage system | system keeps the high wage for current workers, but a much lower wage for newly hired workers |
| glass ceiling | an invisible barrier that hinders their advancement up the white male-dominated corportate ladder |
| comparable worth | means that people should receive equal pay for work that is different from, but just as demanding as, other types of wirk |
| current dollars | dollars that are not adjusted for inflation |
| real or constant dollars | dollars that are adjusted in a way the removes the distortion inflation causes |
| base year | a year that serves as the basis of comparison for all other years |
