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Econ 9

Quiz yourself by thinking what should be in each of the black spaces below before clicking on it to display the answer.
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Question
Answer
Labor force   Nonmilitary people who are employed or unemployed  
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Outsourcing   Practice of contracting with another company to do a specific job that would otherwise be done by a company's own workers  
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Offshoring   Movement of some of a company's operations to another country  
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Learning effect   Theory that education increases efficiency of production and thus results in higher wages  
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Screening effect   Theory that completion of college indicates to employers that a fob applicant is intelligent and hard-working  
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Contingent Employment   A temporary and part-time job  
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Guest workers   Members of the labor force from another country who are allowed to live and work in the United States only temporarily  
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Derived demand   Demand that is set by demand for another good or service  
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Productivity of labor   Quantity of output produced by a unit of labor  
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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  
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Unskilled labor   Work that requires no specialized skills, education, or training  
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Semi-skilled labor   Work that requires minimal specialized skills and education  
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Skilled labor   Work that requires specialized skills and training  
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Professional labor   Work that requires advanced skills and education  
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Glass ceiling   Unofficial barrier that sometimes prevents women and minorities from advancing to the top ranks of organizations dominated by white men  
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Labor union   Organization of workers that tries to improve working conditions, wages, and benefits for its members  
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Featherbedding   Practice of negotiating labor contracts that keep unnecessary workers on a company's payroll  
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Strike   Organized work stoppage intended to force an employer to address union demands  
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Ration of workers that belong to a union   1 in 8  
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Right-to-work law   A measure that bans mandatory union membership  
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Blue-collar worker   Someone who performs manual labor, often in a manufacturing job, and who earns an hourly wage  
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White-collar worker   Someone who works in a professional or clerical job and who usually earns a weekly salary  
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C0llective bargaining   Process in which union and company management meet to negotiate a new labor contract  
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Mediation   Settlement technique in which a neutral person meets with each side to try to find a solution that both sides will accept  
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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  
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Created by: sudokken
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