| A | B |
|---|
| nonprofit organization | Do not seek financial gain, but provide other goods and services. Ex. Red Cross, Public Schools, churches |
| cooperative | a group of people who carry out some kind of economic activity to help all members benefit. |
| Consumer Co-op | offer for sale bulk quantity goods for sale with lower prices as the objective. Ex. BJ's, Costco |
| Sevice co-op | offer a specific service, not goods to members. Ex. Teachers Federal Credit Union |
| Producer Co-op | assists members to sell their products. Products are sold direct to central markets, companies, consumers. Ex. Ocean Spray Cranberry Co-op |
| Labor Unions | assists its members in employment matters such as 1)pay 2)working hours and conditions 3)vacation time 4)health care |
| Bar association | is a professional body of lawyers. |
| Collective bargaining | tools used by unions, a negotiation between representatives of labor and management. Compromise n an employer and a group of employees to determine the conditions of employment. |
| strike | (is a last resort) union organized work stoppage designed to gain concessionsa from an employer |
| boycott | protest in the form of a refusal to buy, including attempts to convince others to join |
| arbitration | agreement by two parties to placce a dispute before a third party for a binding settlement |
| injunction | court order issued to prevent a company or union from taking action during a labor dispute |
| unskilled labor | workers not trained to operate specialized machines and equipment |
| skilled labor | workers who can operate complex equipment and require little supervision. |
| wage rate | a standard amount of pay given for work performed |
| equilibrium wage rate | the wage rate that leaves neither a surplus nor a shortage in the labor market |
| union shop | an employment situation where workers do not have to belong to a union to be hired. |
| comparable worth | equal pay for equal work |
| right to work | a law making it illegal to force workers to join a union |
| mediation | the process of bringing in a neutral third person to help settle a dispute |
| glass ceiling | an invisible barrier that obstructs employees advancement up the corporate ladder |
| closed shop | an employer agrees to hire ONLY union workers |
| minimum wage | the lowest wage that can be paid by law to most workers |
| part time workers | workers who regularly work fewer than 35 hours per week |
| macroeconomics | branch of economics that deals with the economy as a whole |
| public utilities | company providing essential services such as water, and electricty to consumers, usually subject to some government regulation |
| Better Business Bureau | a non-profit organization providing information on local companies to consumers |
| chamber of commerce | nonprofit organization of local businesses whose purpose is to promote their interests |
| charter | written government approval to start a corporation |
