The demand for a resource that depends on the demand for the products it helps to produce.
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
the actual purchasing power of income
Number of dollars (in America) that a worker gets for their labor.
Organizations of workers who, together, put pressure on the employers in an industry to improve working conditions and wages.
A labor union whose membership is restricted to workers in a particular craft
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.
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
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.
a company allowed to hire nonunion workers on the condition that they will join the union within a specified time
Clause that states that even if workers do not join the union, they must still pay the equivalent of dues to the union.
Process by which a union representing a group of workers negotiates with management for a contract.
-Political Action Committees
Union Weapons for accomplishing their goals (list all 7)
Management Weapons for accomplishing their goals (list all 4)
Government Tools for settling labor strife (list all three)
a minimum price that an employer can pay a worker for an hour of labor
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.
-lack of worker power allows employers to reduce labor costs
The combination of fixed wages+benefits+taxes paid to both the federal and the state governments by an employers.