Labor Flashcards

1
Q

Labor Force

A

All nonmilitary people who are employed or unemployed

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2
Q

Learning Effect

A

Theory that education increases productivity and results in higher wages

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3
Q

Screening Effect

A

Theory that the completion of college indicates to employers that a job applicant is intelligent and hardworking

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4
Q

Equilibrium Wage

A

Wage where there is equal supply and demand

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5
Q

Unskilled Labor

A

Labor that requires no specialized skills, education, or training

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6
Q

Semi-Skilled Labor

A

Labor that requires minimal specialized skills and education

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7
Q

Skilled Labor

A

Labor that requires specialized skills and training

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8
Q

Professional Labor

A

Labor that requires advanced skills and education

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9
Q

Glass Ceiling

A

Unofficial, invisible barrier that prevents women and minorities from advancing in businesses dominated by white men

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10
Q

Labor Union

A

Group of workers that tries to improve working conditions, wages and benefits for its members

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11
Q

Featherbedding

A

Negotiating labor contracts that keep unnecessary workers on the company payroll

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12
Q

Collective Bargaining

A

Process in which union and company representatives meet to negotiate a new labor contract

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13
Q

Mediation

A

Settlement technique in which a neutral mediator meets with each side to try to find a solution that both sides will accept

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14
Q

Arbitration

A

Settlement technique in which a third party reviews the case and imposes a judgment that is legally binding for both sides.

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