AVC 12 Econ Chapter 7
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Created by:
rlockwood Plus on April 5, 2012
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23 terms
Terms | Definitions |
|---|---|
 derived demand | The demand for a resource that depends on the demand for the products it helps to produce. |
| diminishing returns | A level of production at which the marginal product of labor decreases as the number of workers increase |
| diminishing marginal productivity | At a certain point, adding another worker (or other factor of production) does not increase production as much as the preceding additions of workers. |
| marginal physical product | The physical output that is due to the addition of one more unit of a variable factor of production; the change in total product occurring when a variable input is increased and all other inputs are held constant; also called marginal product. |
| equilibrium wage rate | the wage rate at which the quantity of labor supplied equals the quantity demanded |
| real wages | the actual purchasing power of income |
| money wages | Number of dollars (in America) that a worker gets for their labor. |
| labor unions | Organizations of workers who, together, put pressure on the employers in an industry to improve working conditions and wages. |
| craft union | A labor union whose membership is restricted to workers in a particular craft |
| Industrial Union | An association of all workers in the same industry, regardless of the job each worker performs |
| Clayton Act of 1914 | Act passed in 1914, which outlawed such practices as price discrimination (charging different customers different prices for the same goods), "tying" agreements that limited the right of dealers to handle the products of competing manufacturers, interlocking directorates connecting corporations with a capital of more than $1 million (or banks with more than $5 million), and corporations' acquisition of stock in competing corporations. |
| National Labor Relations Act | A 1935 law, also known as the Wagner Act, that guarantees workers the right of collective bargaining sets down rules to protect unions and organizers, and created the National Labor Relations Board to regulate labor-managment relations. |
| Right-to-Work Laws | a state law forbidding requirements that workers must join a union to hold their jobs; they were specifically permitted by the Taft-Hartley Act of 1947 |
| closed shop | A working establishment where only people belonging to the union are hired. It was done by the unions to protect their workers from cheap labor. |
| union shop | a company allowed to hire nonunion workers on the condition that they will join the union within a specified time |
| agency shop | Clause that states that even if workers do not join the union, they must still pay the equivalent of dues to the union. |
| collective bargaining | Process by which a union representing a group of workers negotiates with management for a contract. |
| -Slowdowns -Boycotts -Sit-Down Strikes -Strike -Union Labels -Political Action Committees -Picket Lines | Union Weapons for accomplishing their goals (list all 7) |
| -Injunctions -Lockouts -Strikebreakers -Relocation | Management Weapons for accomplishing their goals (list all 4) |
| -Mediation -Voluntary Arbitration -Compulsory Arbitration | Government Tools for settling labor strife (list all three) |
| minimum wage | a minimum price that an employer can pay a worker for an hour of labor |
| marginal workers | Generally, workers who are hired last because they are less qualified; usually such workers earn the minimum wage and have other means of support -take jobs viewed as inadequate because they don't meet community norms. -underemployment -lack of worker power allows employers to reduce labor costs |
| "Loaded Rate" | The combination of fixed wages+benefits+taxes paid to both the federal and the state governments by an employers. |
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