Chapter 8 Vocab Flashcards
(23 cards)
All persons in a nation who are at least 16 years old and either working or actively looking for work
Labor force
The payment that a worker receives for his or her labor
Wage
Non-monetary compensation that has no financial worth but is desirable because of the recipients personal values
Intrinsic reward
The increased demand for resources such as labor that results from consumer demand for a particular product
Derived demand
The process of mechanizing all major forms of production
Industrialization
A condition describing a company, industry, or national economy that depends on machines or capital assets to produce goods
Capital intensive
A term to describe an economy that has a large proportion of labor input relative to capital investment
Labor-intensive
A program, supported by law, requiring US employers, labor unions, and other institutions to eliminate discrimination against women and minorities by increasing hiring, promotion, training, and other opportunities for members of these groups
Affirmative action
The minimum number of new hires to be made through an affirmative action program
Quota
An organization of workers that negotiated with employers for better wages, improved working conditions, and job security
Labor union
A business where membership in a labor union is not a condition of employment
Open shop
A business that hires only labor union members
Closed shop
A no wage payment that employers make to employees in addition to basic wages
Fringe benefit
A ranking of employees based on the number of years a worker has been employed by a firm
Seniority
The process by which labor union leaders, speaking for the members they represent and management representatives meet to negotiate labor contracts
Collective bargaining
A process of settling disputes in which a neutral third party listens to each side, asks questions, and clarifies issues and proposes a solution
Mediation
A process for settling a dispute in which a mutually agreed upon third party listens to each side and makes a settlement decision
Arbitration
A work stoppage by employees or labor union members acting together to bring pressure on their employer to give in to their demands on some job related dispute
Strike
An organized effort to stop purchases of a firm’s products. It is a tactic to express disapproval or to force the other party to take some desired action
Primary boycott
A refusal to buy the goods or services of any firm that does business with s company whose employees are on strike
Secondary boycott
A strategy in a labor dispute in which workers or a labor union use a variety of tactics such as picketing, primary boycott, and secondary boycotts, to force an employer to give in to their demands
Coordinated campaigning
A shutdown of a business by an employer or other refusal to let striking employees come to work in protest of worker or labor union demands
Lockout
A court order in a labor dispute that forbids specified acts by specified individuals or groups
Injunction
