Labor Markets
This term describes the total number of workers willing to work at various wage levels.
What is the supply of labor?
This term describes an organized group of workers aiming to improve wages and working conditions.
What is a labor union?
This is the term used to describe the unequal distribution of income among individuals or groups in society.
What is income inequality?
The minimum hourly wage set by the government.
What is the minimum wage?
This real-life event inspired the movie Newsies.
What is the Newsboys Strike of 1899?
This is the point where the supply of labor equals the demand for labor, and wages are stable.
What is the equilibrium wage?
This 1886 event in Chicago, originally a peaceful rally for an eight-hour workday, turned violent and had lasting consequences for the labor movement.
What is the Haymarket Riot?
This term refers to the ability of individuals or families to move between different income or social classes.
What is economic mobility?
Wages are primarily determined by the forces of these two economic factors.
What are supply and demand?
The newspaper company that Jack Kelly and the newsboys protested against.
What is The New York World?
This term refers to the amount of workers employers are willing to hire at different wage rates.
What is the demand for labor?
This event in 1894 involved a strike led by railroad workers protesting wage cuts, which ended with the intervention of federal troops.
What is the Pullman Strike?
These are factors that contribute to income inequality, such as differences in education, skills, and opportunities.
What are causes of income inequality?
Workers with this level of education tend to earn the highest wages.
What is a college degree (or higher education)?
This powerful newspaper owner was the main antagonist in Newsies.
Who is Joseph Pulitzer?
When demand for labor increases but supply remains constant, this happens to wages.
What are wages increase?
This 1913 massacre occurred when the Colorado National Guard attacked striking coal miners and their families.
What is the Ludlow Massacre?
Government programs such as Social Security and unemployment benefits help reduce this.
What is poverty?
When wages differ between workers based on skills, experience, or location, this type of inequality occurs.
What is wage inequality?
The reason the newsboys went on strike was because of this unfair business practice.
What is raising the price of newspapers without raising their pay?
This government-mandated wage floor ensures workers are paid at least a minimum amount for their labor.
What is the minimum wage?
This 1877 strike, the first major nationwide railroad strike in U.S. history, spread across multiple states and led to widespread violence.
What is the Great Railroad Strike of 1877?
This act, passed in 1938, established the first federal minimum wage in the United States.
What is the Fair Labor Standards Act?
This economic theory suggests that workers’ wages are determined by their productivity and contribution to a company.
What is marginal productivity theory of wages?
The song in Newsies that became the anthem of the strike.
What is "Seize the Day"?