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Economic Notes

Economic Notes. Chapter 8. Microeconomics – Study of the parts of the economy. Types of unions : Craft or Trade Unions – organization of workers who have the same skills Ex. Plumbers union, teachers, electricians Industrial Union – Organization of workers in the same industry

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Economic Notes

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  1. Economic Notes Chapter 8

  2. Microeconomics – Study of the parts of the economy • Types of unions: • Craft or Trade Unions – organization of workers who have the same skills • Ex. Plumbers union, teachers, electricians • Industrial Union – Organization of workers in the same industry • Ex. U.A.W. (United Auto Workers), Iron workers

  3. Triangle Shirtwaist Factory Fire Apple labor violations Child labor http://www.cbsnews.com/8301-3445_162-57367950/the-dark-side-of-shiny-apple-products/ http://www.history.com/videos/the-fight-to-end-child-labor http://www.cbsnews.com/8301-3445_162-20045115.html

  4. Tools used by unions • Collective Bargaining – the right of a union to choose representatives to negotiate on the memberships behalf • Strike – refusal to work • Boycott – refusal to buy a company’s products • Picketing – workers carrying signs which protest a company’s actions • Union Labels – labeling products so people buy union goods and support unions • Political Action Committees – groups to act in favor of unions, lobbyists • Work To Rule – work to the letter of the contract

  5. Illegal options: • Wild Cat Strike – workers go on strike even though the union voted not to strike • Slow Down – work slower or sabotage the job (it is illegal to not do a job you are paid for) • Blacklist – list union activists and refuse to give them jobs

  6. Tools of Management: • Injunctions – government order for strikers to return to work • Lockouts – management prevents workers from working, therefore not earning money. This puts economic pressure on them • Strikebreakers – Hire other workers to replace striking workers • Relocation – move a business to a new location where the workers are less organized and willing to work for lower wages

  7. Government Actions • Mediation – method for settling a labor dispute, in which a 3rd party listens to both sides and suggests a solution to the situation (it is not binding, just a suggestion) • Arbitration – method for settling a labor dispute, in which a 3rd party listens to both sides and makes a decision to solve the situation (binding, both parties must comply)

  8. Real wages – adjusted for inflation • Money Wages – nominal value

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