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Chapter 9 - Vocabulary
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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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.