Vocabulary List 6
Economics / Mr. Henry
picket-demonstrate or march before a place of business to protest a company’s actions
boycott-refusal to buy products from an employer or company
lockout-management refusal to let employees work until demands are met
right to work law- state law making it illegal to require a worker to join a union
closed shop-arrangement under which workers must join a union before they are hired
skilled labor-workers who are trained to operate complex equipment and require little supervision
seniority-length of time a person has been on a job
signaling theory-employers are willing to pay more for people with certificates, diplomas, and other indicators of superior ability
collective bargaining-process of negotiation between union and management representatives over pay, benefits, and job-related matters
grievance procedure-provision in a labor contract that outlines how future disputes and disagreements will be resolved
mediation-process of resolving a dispute by bringing in a neutral third party
binding arbitration-agreement by two parties to place a dispute before a third party for a final accepted decision
fact finding-agreement between union and management to have a neutral third party collect facts about a dispute and present nonbinding recommendations
injunction-court order issued to prevent a company or union from taking action during a labor dispute
giveback- wage, fringe benefit, or work rule given up when renegotiating a contract
two tier wage system- wage scale paying newer workers a lower wage than others already on the job
glass ceiling-seemingly invisible barrier hindering advancement of women and minorities in a male-dominated organization
set aside contract-guaranteed contract or portion of a contract reserved for a targeted group, usually a minority
Vocabulary List 6
Economics / Mr. Henry
picket-demonstrate or march before a place of business to protest a company’s actions
boycott- refusal to buy products from an employer or company
lockout- management refusal to let employees work until demands are met
right to work law- state law making it illegal to require a worker to join a union
closed shop-arrangement under which workers must join a union before they are hired
skilled labor- workers who are trained to operate complex equipment and require little supervision
seniority- length of time a person has been on a job
signaling theory- employers are willing to pay more for people with certificates, diplomas, and other indicators of superior ability
collective bargaining- process of negotiation between union and management representatives over pay, benefits, and job-related matters
grievance procedure- provision in a labor contract that outlines how future disputes and disagreements will be resolved
mediation- process of resolving a dispute by bringing in a neutral third party
binding arbitration- agreement by two parties to place a dispute before a third party for a final accepted decision
fact finding- agreement between union and management to have a neutral third party collect facts about a dispute and present nonbinding recommendations
injunction- court order issued to prevent a company or union from taking action during a labor dispute
giveback- wage, fringe benefit, or work rule given up when renegotiating a contract
two tier wage system- wage scale paying newer workers a lower wage than others already on the job
glass ceiling- seemingly invisible barrier hindering advancement of women and minorities in a male-dominated organization
set aside contract-guaranteed contract or portion of a contract reserved for a targeted group, usually a minority