Chapter 8

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)