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Economics

Econ Chapter 9

TermDefinition
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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