Economics Ch 9 – Flashcards
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labor force
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all nonmilitary people who are employed or unemployed
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productivity
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value of output
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equlibrium wage
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wage rate that produces neither an excess supply or workers nor an excess demand for workers in the labor market
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unskilled labor
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labor that requires no specilaized skills education or training ex janitors dishwashers
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semi-skilled labor
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labor that requires minimal specialized skills and education ex lifeguards and construction workers
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skilled labor
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labor that requires specialized skills and training ex: bank tellers, plumber
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professional labor
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labor that requires advanced skills and education managers, teachers
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glass cieling
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an unofficial invisible barrier that prevents women and minorities from advancing in businesses dominated by white men
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labor union
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an organiztion of workers that tries to improve working conditions wages and benefits for its members
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strike
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an organized work stoppage intended to force an employer to adress union demands
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right to work law
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a mearue that bans mandatory union membership
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blue collar worker
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someone who works in an industrial job often in manufactoring and who receives wages
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white collar worker
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someone in a professional or clerical job who earns a salary
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collective bargaining
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the process in which union and company representative meet to negotiate a new labor contract
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mediation
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a settlement techniue in which a neutral mediator meets with each side to try to find a solution that both sides will accept
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arbitration
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a settlement techinque in which a third party reviews the case and imposes a decision is legally binding for both sides
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who does the government include in the labor force
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all non military people who are employed or unemployed
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how do the laws of supply and demand affect the labor market
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if demand for a job is low, supply is high than wages are low. If demand is high and supply is low, than wages are higher
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what generally happens to the equilibrium wage when (a) demand for workers is low and supply is high (b) demand for workers is high and supply is low?
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a. equilibrium wage is low b. equilibrium wage is pretty high
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how does skilled labor differ from professional labor
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skilled: less education and skills, hourly wage professional: salary, more education and skills
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how do minimum wage and safety laws affect wages
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minimum wage: set a certain amount of money people have to earn, less people employed by company Safety: a lot of safety lowers wages because less risk
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what are some of the key goals of labor unions
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wages better conditions shorter work week
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how are strikes damaging to workers and companies
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Workers: might lose job, do not necessarily get paid. Companies: Lose out on productivity
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what is a right-to work law
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bans mandatory union membership
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how do mediation and arbitration differ
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workers and company must follow an arbitration agreement but do not have to follow a mediation agreement
