Econ Vocab 9 Flashcards
Wages
The payments workers receive in return for work
equilibrium wage
The wage at which the number of workers needed equals the number of workers available
Derived Demand
a demand for a product or resource because of its contribution to the final product
Wage rates
the rates of pay for specific jobs or work performed. Wage rates are determined by supply and demand
Human Capital
the knowledge and skills that enable workers to be productive
Glass Ceiling
Unseen barriers that hinder you from being promoted such as gender or age
Minimum wage
The lowest wage legally allowed for one hour of work
Civilian labor force
people who are 16 or older who are employed or actively looking for and available to do work.
Outsourcing
the practice of contracting with an outside company to provide goods or services
Insourcing
the practice of foreign companies establishing operations in, and therefore bringing jobs to, the united states
Telecommuting
The practice of doing office work in a location other than the traditional office
Contingent employment
work that is temporary or part-time
independent contractors
selling their services to businesses on a contract basis
Labor union
an organization of workers who collectively seek to improve wages, working conditions, benefits, job security, and other work-related matters
Strike
work stoppage
