Labor and Trade Vocabulary

International Trade

• When countries buy and sell goods with each other. For example, the United States might sell cars to Japan and buy electronics from Japan.

• A process where countries only sell goods to each other without buying anything.

• A type of trade that only occurs within a single country.

• An agreement between countries to stop trading altogether.

Pension

• A one-time payment made to employees upon retirement.

• Money a worker gets paid regularly after they retire (stop working because of age). Companies or the government save up money for this.

• A bonus given to employees for outstanding performance.

• A type of investment account for retirement savings.

Picketing

• A method of negotiating wages with employers.

• When striking workers walk back and forth outside their workplace carrying signs to tell people about their strike and why they're protesting.

• A legal process to resolve labor disputes.

• A form of advertising for a business.

Profit

• The total revenue generated by a business before expenses are deducted.

• The money a business has left over after paying for all its costs.

• The amount of money spent on advertising and marketing.

• The initial investment made by a business owner to start a business.

Labor Union

• A group of workers who join together to ask their employer for better pay, safer working conditions, or other improvements.

• An organization that represents the interests of employers in negotiations with workers.

• A government agency that regulates labor laws and workplace safety.

• A type of insurance that protects workers from job loss.

Strike

• A legal agreement between workers and employers.

• A temporary halt in production due to machinery failure.

• When workers stop working as a group to protest and pressure their employer to meet their demands. They refuse to work until the problem is solved.

• A method of negotiation involving third-party mediation.

Tentative Agreement

• A final contract that is legally binding.

• A temporary deal that both sides think might work, but isn't final yet. Workers usually vote on whether to accept it before it becomes official.

• An informal discussion between parties without any commitment.

• A proposal that has been rejected by one side.

Unemployment Insurance

• Money the government gives to people who lost their jobs to help them pay bills while they look for new work.

• A program that provides free training for unemployed individuals.

• A tax incentive for companies that hire unemployed workers.

• A loan program for individuals starting their own businesses.

Unionization

• The process of workers forming or joining a labor union.

• A method for companies to reduce employee wages.

• A strategy for increasing production efficiency.

• A legal requirement for all employees to join a union.

Outsourcing

• A practice where companies hire their own workers to do tasks.

• A strategy to move work to different locations, often overseas, to reduce costs.

• A method of increasing the number of employees in a company.

• A way to improve product quality by using local resources.