chap 9

Question 1

wages

Answer 1

payments received in return for work

Question 2

equilibrium wage

Answer 2

is the wage at which the quantity of workers demanded equals the quantity of workers supplied; the market price for labor

Question 3

derived demand

Answer 3

is a demand for a product or resource based on its contribution to the final product.

Question 4

wage rate

Answer 4

is the established rate of pay for a specific job or work performed.

Question 5

human capital

Answer 5

is the knowledge and skills that enable workers to be productive.

Question 6

glass ceiling

Answer 6

is an artificial barrier to advancement faced by women and minorities.

Question 7

minimum wage

Answer 7

is the legal minimum amount that an employer must pay for one hour of work.

Question 8

civilian workforce

Answer 8

is made up of people age 16 or older who are employed or actively looking for and available to do work.

Question 9

outsourcing

Answer 9

is the practice of contracting with an outside company, often in a foreign country, to provide goods or services.

Question 10

insourcing

Answer 10

is the practice of foreign companies establishing operations in, and therefore bringing jobs to, the United States.

Question 11

telecommuting

Answer 11

means performing office work in a location other than the traditional office.

Question 12

contingent employment

Answer 12

refers to temporary or part-time work.

Question 13

independent contractor

Answer 13

is someone who sells their services on a contract basis

Question 14

labor union

Answer 14

labor union is an organization of workers that seeks to improve wages, working conditions, fringe benefits, job security, and other work-related matters for its members.

Question 15

strike

Answer 15

is a work stoppage used to convince an employer to meet union demands.

Question 16

closed shop

Answer 16

is a business where an employer can hire only union members.

Question 17

union shop

Answer 17

is a business where workers are required to join a union within a set time period after being hired.

Question 18

right-to-work laws

Answer 18

make it illegal to require workers to join unions.

Question 19

collective bargaining

Answer 19

is the way businesses and unions negotiate wages and working conditions

Question 20

binding arbitration

Answer 20

is a process in which an impartial third party resolves disputes between management and unions.