Economics Chapter 9 – Labor Test Questions – Flashcards
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Labor Force
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all nonmilitary people who are employed or unemployed
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Learning Effect
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the theory that education increases productivity and results in higher wages
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Screening Effect
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the theory that the completion of college of college indicates to employers that a job applicant in intelligent and hardworking
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Contingent Employment
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a temporary or part-time job
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Derived Demand
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demand that is determined by demand for another good or service
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Productivity of labor
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value of output
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Equilibrium Wage
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the wage rate that produces neither an excess supply of 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 specialized skills, education, or training
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Semi-Skilled Labor
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labor that requires specialized skills and training
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Skilled Labor
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labor that requires specialized skills and training
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Professional Labor
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labor that requires advanced skills and education
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Glass Ceiling
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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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and 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 the keep unnecessary workers on a company's payroll
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Strike
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an organized work stoppage intended to force an employer to address union demands
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Right-To-Work Law
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a measure 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 manufacturing, and who receives wages
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White-Collar Worker
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someone in a professional or clerical job who usually earns a salary
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Collective Bargaining
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the process in which union and company representatives meet to negotiate a new labor contract
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Mediation
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a settlement technique 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 technique in which third party reviews the case and imposes a decision that is legally binding for both sides
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Outsourcing
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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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Guest working
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Member of the labor force from another country who are allowed to live and work in the U.S.A temporally
