Ch.8 Flashcards
(31 cards)
Economics 12
Chapter 8 Vocabulary
boycott
A union tactic of bringing pressure upon an employer by encouraging the public not to purchase the employer’s product.
Canadian Labour Congress
A federation of Canadian unions, which lobbies the federal government on labour legislation and other social and economic policies affecting workers.
closed shop
A clause in the collective agreement between a union and an employer that stipulates that the employer may hire only union members.
collective agreement
A contract lasting a specific period of time, negotiated by a union with the employer through the process of collective bargaining.
collective bargaining
A process whereby a union negotiates wages and working conditions with the employer on behalf of all members of the union.
compulsory arbitration
A process in which a government forces both sides in a labour dispute to accept the decision of a third party.
conciliation (or mediation)
A process in which a third party helps union and an employer reach an agreement.
cost-of-living allowance (COLA)
A wage agreement that allows for wages to rise at the same rate as the general price level.
derived demand
Demand for resources (such as labour) that is dependent on, or derived from, the direct demand of consumers for the goods and services being produced.
direct demand
Consumer demand for goods and services that directly determines the kind of quantity produced.
human capital
The knowledge, skills, and talents possessed by workers.
industrial unions
Unions that represent all workers in a given industry, regardless of the type of job they do.
labour union
A workers’ organization that negotiates with employers and promote the interests of its members.
lockout
The shutting down of the workplace by an employer to force the union to accept the employer’s contract offer.
marginal revenue product of labour
The amount of additional, or marginal, revenue that is generated for a firm as a result of adding one more worker to the production process.
market labour demand curve
A graphical representation of the quantity of labour demanded by all firms in an industry at each of the possible wage rates.
market labour supply curve
A graphical representation of the number of people willing to offer their services to firms at each of the possible wage rates.
Newfoundland and Labrador Federation of Labour
A federation of provincial unions that lobbies the provincial government on labour legislation and other social and economic policies affecting workers.
open shop
A clause in the collective agreement between a union and an employer that allows union membership to be voluntary.
productivity
A firm’s ability to maximize output from the resources available, usually measured as the firm’s output per worker.
public sector unions
Unions representing workers employed by governments.
Rand Formula
A 1945 ruling stating that all workers in a workplace in which a union exists and bargains for all workers must pay union dues, even if they are not union members.
rotating strike
A union strategy, used when an employer has several workplaces, of withdrawing services for a short time from each workplace on a rotating basis.
