Market Work - Time sold as labor, Nonmarket Work - Time spent getting an education or on do-it-yourself production for personal consumption, Leisure - Time spent on nonwork activities, Labor Union - A group of workers who organize to improve their terms of employment, Craft Union - A union whose members have a particular skill or work at a particular craft, such as plumbers or carpenters, Industrial Union - A union consisting of both skilled and unskilled workers from a particular industry, such as all autoworkers or all steelworkers, Collective bargaining - The process by which union and management negotiate a labor agreement, Mediator - An impartial observer who helps resolve differences between union and management, Binding Arbitration - Negotiation in which union and management must accept an impartial observer’s resolution of a dispute, Strike - A union’s attempt to with hold labor from a firm to halt production, Featherbedding - Union efforts to force employers to hire more workers than demanded at a particular wage, substitution effect of a wage increase - A higher wage encourages more work because other activities now have a higher opportunity cost, income effect of a wage increase - A higher wage raises a worker’s income, increasing the demand for all normal goods, including leisure, so the quantity of labor supplied to market work decreases, right-to-work states - States where workers in unionized companies do not have to join the union or pay union dues, backward-bending supply curve,

Chapter 12 Unions

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