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The wage rate that gives neither an excess supply of workers nor an excess demand for workers

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labor force all nonmilitary people who are employed or unemployed
learning effect theory that education increases productivity and results in higher wages
screening effect theory that the completion of college indicates to employers that a job appicant is intelligent and hardworking
contingent employment temporary or part-time job
productivity value of output
equilibrium wage wage rate that produces neither an excess supply or workers nor an excess demand for workers in a labor market
unskilled labor labor that requires no specialized skills, education or training
semi-skilled labor labor that requires minimal specialized skills & education
skilled labor labor that requires specialized skills and training
professional labor labor that requires advanced skills and education
glass ceiling unofficial invisible barrier that prevents women & minorities from advancement in businesses dominated by white men
labor union organization for workers that tries to improve working conditions, wages & benefits for its members
feather bedding practice of negotiating labor contracts that keep unnecessary workers on a company's payroll
strike organized wrok stoppage intended to force an employer to address union demands
right-to-work law measure that bans mandatory union membership
blue-collar worker somone who works in an industrial job often in manufacturing & who receives hourly wages
white-collar worker someone in a professional or clerical job who usually earns a salary
collective bargaining process in which union & company representatives meet to negotiate a new labor contract
arbitration settlement technique in which a 3rd party reviews the case & imposes a decision that is legally binding for both sides
mediation settlement technique in which a neutral mediation meets with each side to try to find a solution that both sides will accept
employee one employed by another usually for wages or salary & in a position below the executive level
employer the one who hires employees
wages payment usually for money for labor or services
discrimination prejudice or prejdice outlook, action or treatment

What is an equilibrium wage?

The equilibrium market wage rate is at the intersection of the supply and demand for labour. Employees are hired up to the point where the extra cost of hiring an employee is equal to the extra sales revenue from selling their output.

At what wage rate will there be excess labor supplied in the market?

Imposing a wage floor at $12/hour leads to an excess supply of labor. At that wage, the quantity of labor supplied is 1,600 and the quantity of labor demanded is only 700. ... Price Floors in the Labor Market: Living Wages and Minimum Wages..

What is the equilibrium wage quizlet?

Equilibrium wage. the wage rate that producers neither an excess supply of workers nor an excess demand for workers.

What is excess demand of labour?

Excess demand for labour may be provisionally defined as employers' attempts to hire labour less the available labour supply.

wage rate excess supply workers excess demand

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