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Econ 9

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
Created by: sudokken



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