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Economics
Econ Chapter 9
| Term | Definition |
|---|---|
| Arbitration | a settlement technique in which a third party reviews the case and imposes a decision that is legally binding for both sides |
| Blue-Collar Worker | someone who works in an industrial job, often in manufacturing, and who receives wages |
| Collective Bargaining | the process in which union and company representatives meet to negotiate a new labor contract |
| Contingent Employment | a temporary or part-time job |
| Derived Demand | a demand that is determined by demand for another good or service |
| Equilibrium Wage | the wage rate that produces neither an excess demand for workers on a company's payroll |
| Glass Ceiling | labor that requires advanced skills and education |
| Featherbedding | the practice of negotiating labor contracts that keep unnecessary workers on a company's payroll |
| Labor Force | all nonmilitary people who are employed or unemployed |
| Labor Union | an organization of workers that tries to improve working conditions, wages, and benefits for its members |
| Learning Effect | the theory that education increases productivity and results in higher wages |
| Mediation | a settlement technique in which a neutral mediator meets with each side to try to find a solution that both will except |
| Productivity | value of output |
| Professional Labor | labor that requires advanced skills and training |
| Right-to-Work Law | a measure that bans skills and training |
| Screening Effect | the theory that completion of college indicates to employers that a job applicant is intelligent and hard-working |
| Semi-Skilled Labor | labor that requires minimal specialized skills and education |
| Skilled Labor | labor that requires specialized skills and training |
| Strike | an organized work stoppage intended to force an employer to address union demands |
| Unskilled Labor | labor that requires no specialization skills, education, or training |
| White-Collar Worker | someone in a professional or clerical job who usually earns a salary |
Created by:
halvy
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