Economics, Principles and Practices – Unit 3, Chapter 8, Sections 1 – 3; pgs 196-223; 2 per page
Vocabulary
craft union
trade union
picket
boycott
Great Depression
right-to-work law
union shop
modified union shop
legislation
prohibited
semiskilled labor
skilled labor
market theory of wage determination
signaling theory
collective bargaining
arbitration
binding arbitration
seizure
anticipate
two-tier wage system
glass ceiling
current dollars
constant dollars
trend
equivalent
industrial union
lockout
independent union
agency shop
wage rate
professional labor
theory of negotiated wages
grievance procedure
fact-finding
distorted
set-aside contract
real dollars
(49 total)
strike
company union
closed shop
civilian labor force
unskilled labor
equilibrium wage rate
seniority
mediation
injunction
giveback
minimum wage
base year
Comprehension Questions
1. What is the purpose of labor unions?
2. Why did the AFL-CIO break up?
3. How would joining the armed services affect your participation in the civilian labor force?
4. How does the market theory of wage determination reflect the forces of supply and demand?
5. If you were a semiskilled worker, what could you do to move into a higher category of noncompeting labor?
6. Name at least four ways of resolving labor disputes if collective bargaining fails.
7. What are the reasons for the income gap between men and women?
8. Give three reasons for the decline of union influence.
9. Why has the minimum wage lost purchasing power?
10. Poll at least 10 people of various ages, asking for their opinions on the following statement: There should be no
minimum wage. Compile the responses and present your findings in a summary paragraph.
Written Answer
Write a paragraph with a minimum of six sentences to explain what you have learned in this lesson. Be sure to
include a topic sentence, four detail sentences, and a concluding sentence.