Economics Chapter 9 – Flashcards
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Labor Force
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All nonmilitary people who are employed or unemployed.
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Outsourcing
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The practice of contracting with another company to do a specific job that would otherwise be done by a company's own workers.
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Offshoring
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The movement of some of a company's operations to another country.
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Learning Effect
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The theory that education increases efficiency of production and thus result in higher wages.
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Screening Effect
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The theory that the completion of college indicates to employees that a job applicant is intelligent and hard-working.
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Contingent Employment
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A temporary and part-time job.
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Guest Workers
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Members of the labor force from another country who are allowed to live and work in the United States only temporarily.
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Derived Demand
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A type of demand that is set by the demand for another good service.
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Productivity Of Labor
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The quantity of output produced by a unit of labor.
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Equilibrium Wage
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The wage rate, or price of labor services, that is set when the supply of workers meet the demand for workers in the labor market.
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Unskilled Labor
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Work that requires no specialized skills, education, or training.
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Semi-Skilled Labor
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Work that requires minimal specialized skill and education.
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Skilled Labor
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Work that requires specialized skills and traning.
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Professional Labor
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Work that requires advanced skills and education.
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Glass Ceiling
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An unofficial barrier that sometimes prevents women and minorities from advancing to the top ranks of organizations dominated by white men.
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Labor Union
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An organization of workers that tries to improve working conditions, wages, and benefits for its members.
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Featherbedding
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The practice of negotiating labor contracts that keep unnecessary workers on a company's payroll.
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Strikes
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An organized work stoppage intended to force an employer to address union demand.
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Right To Work Labor
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A measure that bans mandatory union membership.
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Blue Collar Worker
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Someone who performs manual labor, often in a manufacturing job, and who earns an hourly wage.
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White Collar Worker
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Someone who works in a professional or clerical job and who usually earns a weekly salary
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Collective Bargaining
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The process in which union and company management meet to negotitate a new labor contract.
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Mediation
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A settlement technique in which a neutral person, the mediator, meet 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 technique in which a neutral third party listens to both sides and then imposes a decision that is legally binding for both the company and the union.
