chapter 9 economics vocab – Flashcards
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wages
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are payments received in return for work
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equilibrium wage
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is the wage at which the quanitity of workers demanded equals the quantity of workers supplied; the market price for labor
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derived demand
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is a demand for a product or resource based on its contribution to the final product
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wage rates
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is the established rate of pay for a specific job or work performed
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human capital
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is the knowledge and skills that enable workers to be productive
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glass ceiling
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is an artificial barrier to advancement faced by women and minorities
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minimum wage
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is the legal minimum amount that an employer must pay for one hour of work
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civilian labor force
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is made up of people age 16 or older who employed or actively looking for and available to do work
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outsourcing
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is the practice of contracting with an outside company, often in a foreign country, to provide goods or services
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insourcing
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is the practice of foreign companies establishing operation in, and therefor bringing jobs to, the United States
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telecommuting
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means performing office work in a location other that the traditional office
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contingent employment
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refers to temporary or part time work
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independent contractor
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is someone who sells their services on a contract basis
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labor union
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is an organization of workers that seeks to improve wages, working conditions, fringe benefits, job security, and other work related matters for its members.
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strike
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is a work stoppage used to convince an employer to meet union demands
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closed shop
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is a business where an employer can hire only union members
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union shop
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is a bussiness where workers are required to join a union within a set time period after being hired
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right to work laws
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made it illegal to require workers to join unions
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collective bargaining
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is the way businesses and unions negotiate wages and working conditions
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binding arbitration
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is a process in which an impartial third party resolves disputes between management and unions
