A settlement in which a person meets with each side to find a solution that both sides will accept

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Chapter 9 - Vocabulary
When a neutral person meets with each side in a dispute to try to find a solution that both sides will accept?
What is an organized work stoppage intended?
What is the difference between the learning and screening effect?
What is the practice of negotiating labor contracts that keep unnecessary workers on a company's payroll called?

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Chapter 9 - Vocabulary

Term	Definition
labor force	all nonmilitary people who are employed or unemployed
employed (16 yrs. or older)	-not worked at least 1 hour for pay within past week -worked 15 or more hours without pay in a family business -held jobs but did not work due to illness, vacation, strikes, weather
unemployed	-do not meet at least 1 criteria for employed -temporarily without work -not working but have looked for jobs within past 4 weeks -must have work lined up for future or actively searching for a new job
learning effect	the theory that education increases productivity and results in higher wages
screening effect	the theory that the completion of college indicates to employers that a job applicant is intelligent and hardworking
contingent employment	a temporary or part-time job (seasonal workers, contract workers for a specific time or job)
productivity	value of output produced
equilibrium wage	the wage rate that produces neither an excess supply of workers nor an excess demand for workers in the labor market
unskilled labor	labor that requires no specialized skills, education, or training
semi-skilled labor	labor that requires minimal specialized skills and education
skilled labor	labor that requires specialized skills and training
professional labor	labor that requires advanced skills and education
glass ceiling	an unofficial, invisible barrier that prevents women and minorities from advancing in business dominated by white men
labor union	an organization of workers that tries to improve working conditions, wages, and benefits for its members
featherbedding	the practice of negotiating labor contracts that keep unnecessary workers on a company's payroll
right-to-work law	a measure that bans mandatory union membership
blue-collar worker	someone who work in an industrial job, often in manufacturing, and who receives wages
white-collar worker	someone in a professional or clerical job who usually earns a salary
collective bargaining	the process in which union and company representatives meet to negotiate a new labor contract
mediation	a settlement technique in which a neutral mediator meets with each side to try to find a solution that both sides will accept
arbitration	a settlement technique in which a third party reviews the case and imposes a decision that is legally binding for both sides
strike	an organized work stoppage intended to force an employer to address union demands

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Question	Answer
Labor force	Nonmilitary people who are employed or unemployed
Outsourcing	Practice of contracting with another company to do a specific job that would otherwise be done by a company's own workers
Offshoring	Movement of some of a company's operations to another country
Learning effect	Theory that education increases efficiency of production and thus results in higher wages
Screening effect	Theory that completion of college indicates to employers that a fob applicant is intelligent and hard-working
Contingent Employment	A temporary and part-time job
Guest workers	Members of the labor force from another country who are allowed to live and work in the United States only temporarily
Derived demand	Demand that is set by demand for another good or service
Productivity of labor	Quantity of output produced by a unit of labor
Equilibrium wage	Wage rate, or price of labor services, that is set when the supply of workers meets the demand for workers in the labor market
Unskilled labor	Work that requires no specialized skills, education, or training
Semi-skilled labor	Work that requires minimal specialized skills and education
Skilled labor	Work that requires specialized skills and training
Professional labor	Work that requires advanced skills and education
Glass ceiling	Unofficial barrier that sometimes prevents women and minorities from advancing to the top ranks of organizations dominated by white men
Labor union	Organization of workers that tries to improve working conditions, wages, and benefits for its members
Featherbedding	Practice of negotiating labor contracts that keep unnecessary workers on a company's payroll
Strike	Organized work stoppage intended to force an employer to address union demands
Ration of workers that belong to a union	1 in 8
Right-to-work law	A measure that bans mandatory union membership
Blue-collar worker	Someone who performs manual labor, often in a manufacturing job, and who earns an hourly wage
White-collar worker	Someone who works in a professional or clerical job and who usually earns a weekly salary
C0llective bargaining	Process in which union and company management meet to negotiate a new labor contract
Mediation	Settlement technique in which a neutral person meets with each side to try to find a solution that both sides will accept
Arbitration	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

When a neutral person meets with each side in a dispute to try to find a solution that both sides will accept?

Econ Chapter 9 Terms.

What is an organized work stoppage intended?

A strike is an organized work stoppage intended to force an employer to address union demands.

What is the difference between the learning and screening effect?

The learning effect is the theory that education increases productivity and results in higher wages. The screening effect theory suggests that the completion of college indicates to employers that a job applicant is intelligent and hard-working.

What is the practice of negotiating labor contracts that keep unnecessary workers on a company's payroll called?

featherbedding. the practice of negotiating labor contracts that keep unnecessary workers on a company's payroll. strike.

A settlement in which a person meets with each side to find a solution that both sides will accept

Chapter 9 - Vocabulary

When a neutral person meets with each side in a dispute to try to find a solution that both sides will accept?

What is an organized work stoppage intended?

What is the difference between the learning and screening effect?

What is the practice of negotiating labor contracts that keep unnecessary workers on a company's payroll called?

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