| Term | Definition |
|---|
| wage rate | price of labor |
| derived demand | demand that is the result of some other demand |
| minimum wage law | federal law that specifies the lowest hourly wage rate that can be paid to workers |
| labor union | organization that seeks to increase the wages and improve the working conditions of its members |
| closed shop | organization that hires only union members |
| Taft-Hartley Act | act passed in 1947 by the U.S. Congress, which made the closed shop illegal and gave states the right to pass right-to-work laws |
| union shop | organization that requires employees to join the union within a certain period after being hired |
| strike | work stoppage called by union members to put pressure on an employer |
| right-to-work law | state law that prohibits the practice of requiring employees to join a union in order to work |
Combine with other sets
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