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 http://www.cbsnews. com/8301- 3445_162- 20045115. html Child labor http://www. history.com /videos/the- fight-to- end-child- labor Apple labor violations http://www.c bsnews.com/ 8301- 3445_162- 57367950/th e-dark-side- of-shiny- apple- products/

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