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Economic Notes

Explore the dynamics of labor unions, strikes, and management tools in microeconomics. Learn about collective bargaining, strikes, boycotts, and government actions like mediation and arbitration. Discover the impact of real wages, money wages, and the dark side of labor practices through historical examples and modern implications.

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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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