craft/trade union
labor union whose members perform the same kind of work (c/t u)
industrial union
labor union whose members perform different kinds of work in the same industry (i u)
strike
union-organized work stoppage designed to make an employer meet union demands (s)
picket
demonstrate or march before a place of business to protest a company's actions (p)
boycott
refusal to buy products from an employer or company (b)
lockout
management refusal to let employees work until demands are met (l)
company union
union organized, supported, or run by an employer (c u)
Great Depression
worst period of economic decline in U.S. history, lasting from 1929 to approximately 1939
right-to-work law
state law making it illegal to require a worker to join a union (r-t-w l)
independent union
labor union not affiliated with the AFL-CIO or the Change to Win Coalition (i u)
closed shop
arrangement under which workers must join a union before they are hired (c s)
union shop
arrangement under which workers must join a union after being hired (u s)
modified union shop
arrangement under which workers have the option to join a union after being hired (m u s)
agency shop
arrangement under which nonunion workers must pay union dues (a s)
civilian labor force
non-institutionalized part of the population, aged 16 and over, either working or looking for a job (c l f)
wage rate
prevailing pay scale for work performed in an occupation (w r)
unskilled labor
workers not trained to operate specialized machines and equipment (u l)
semiskilled labor
workers who operate machines that require a minimum amount of training (s l)
skilled labor
workers who are trained to operate complex equipment and require little supervision (s l)
professional labor
workers with a high level of training, eduction, and managerial skills (p l)
market theory of wage determination
explanation of wage rates relying on theory of supply and demand (m t o w d)
equilibrium wage rate
wage rate leaving neither a surplus nor a shortage in the market (e w r)
theory of negotiated wages
explanation of wage rates based on the bargaining strength of organized labor (t o n w)
seniority
length of time a person has been on a job (s)
signaling theory
theory that employers are willing to pay more for people with certificates, diplomas, and other indicators of superior ability (s t)
collective bargaining
process of negotiation between union and management representatives over pay, benefits, and job-related matters (c b)
grievance procedure
provision in a labor contract that outlines how future disputes and disagreements will be resolved (g p)
mediation
process of resolving a dispute by bringing in a neutral third party (m)
binding arbitration
agreement by two parties to place a dispute before a third party for a binding settlement (b a)
fact-finding
agreement between union and management to have a neutral third party collect facts about a dispute and present nonbinding recommendations (f-f)
injunction
court order issued to prevent a company or union from taking action during a labor dispute (i)
seizure
temporary government takeover of a company to keep it running during a labor-management dispute (s)
giveback
wage, fringe benefit, or work rule given up when renegotiating a contract (g)
two-tier wage system
wage scale paying newer workers a lower wage than others already on the job (t-t w s)
glass ceiling
seemingly invisible barrier hindering advancement of women and minorities in a male-dominated organization (g c)
set-aside contract
guaranteed contract or portion of a contract reserved for a targeted group, usually a minority (s-a c)
minimum wage
lowest legal wage that can be paid to most workers (m w)
current dollars
dollar amounts or prices that are not adjusted for inflation (c d)
real/constant dollars
dollar amounts or prices that have been adjusted for inflation (r/c d)
base year
year serving as point of comparison for other years in a prices index or other statistical measure (b y)
resource allocation
involves assigning money, people, facilities, and other resources among various current and new business opportunities (r a)