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Econ 9
| Question | Answer |
|---|---|
| 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 |
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