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12 ECON Vocab 8
study material economics vocab Ch 8 - Ponder
Term | Definition |
---|---|
strike | refusal to work until demands are met |
part-time worker | worker who regularly works fewer than 35 hours per week |
injunction | court order not to act |
glass ceiling | invisible barrier that prevents women and minorities from advancing up the corporate ladder |
macroeconomics | economy as a whole, including employment, gross domestic product, inflation, economic growth, and distribution of income |
closed shop | situation in which an employer can hire only union members |
mediation | use of a neutral third person or persons to help settle a dispute |
skilled labor | workers who are able to operate complex equipment and can perform their tasks with little supervision |
seniority | length of time a person has been on a job |
minimum wage | lowest wage that can be paid by law to most workers |
comparable worth | People should receive equal pay for work that is different from, but just as demanding as, other types of work |
unskilled labor | laborers who work primarily with their hands because they lack training |
union shop | employment situation where new workers must join a union after being hired |
right-to-work law | state law making it illegal to force workers to join a union |
arbitration | Labor and management agree to accept a third party's decision as binding. |