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Economics
Chapter 9 - Vocabulary
| Term | Definition |
|---|---|
| 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 |
Created by:
gjborn1998