ES: Chapter 1 Vocabulary

Formal negotiation when both unions and businesses select third party individuals to review the facts, hear both sides, and make a legally binding decision as a means of a solution.

Money or an equivalent given in addition to an employee’s usual compensation.

A nonmonetary form of compensation provided to employees in addition to their salaries or wages.

A profession for which one trains and is undertaken as a permanent calling.

A group of occupations within the same field that require similar knowledge or skills.

The first stage of an organized labor dispute when unions engage in formal negotiation with business managers in the industry.

A fee paid to an agent or employee for transacting a piece of business or performing a service.

The monetary and non-monetary benefits that motivate employees to perform tasks.

Someone employed by another for wages or salary, and typically in a position below the executive level.

A person who organizes, operates, and assumes the risk for a business venture.