Chapter 9: Labor Flashcards
all nonmilitary people who are employed or unemployed
labor force
the theory that education increases productivity and results in higher wages
learning effect
the theory that the completion of college indicates to employers that a job applicant is intelligent and hard-working
screening effect
a temporary or part-time job
contingent employment
demand that is determined by demand for another good or service
derived demand
value of output
productivity
the wage rate that produces neither an excess supply of workers nor an excess demand for workers in the labor market
equilibrium wage
labor that requires no special skills, education, or training
unskilled labor
labor that requires minimal specialized skills and education
semi-skilled labor
labor that requires specialized skills and education
skilled labor
labor that requires advanced skills and education
professional labor
an unofficial, invisible barrier that prevents women and minorities from advancing in business dominated by white men
glass ceiling
an organization of workers that tries to improve working conditions, wages, and benefits for its members
labor union
the practice of negotiating labor contracts that keep unnecessary workers on a company’s payroll
featherbedding
an organized work stoppage intended to force an employer to address union demands
strike
a measure that bands mandatory union membership
right-to-work law
someone who works in an industrial job, often in manufacturing, and who receives wages
blue-collar worker
someone in a professional or clerical job who usually earns a salary
white-collar worker
the process in which union and company representatives meet to negotiate a new labor contract
collective bargaining
a settlement technique in which a neutral mediator meets with each side to try to find a solution that both sides will accept
mediation
a settlement technique in which a third party reviews the case and imposes a decision that is legally binding for both sides
arbitration
