Labor Flashcards
Labor Force
All nonmilitary people who are employed or unemployed
Learning Effect
Theory that education increases productivity and results in higher wages
Screening Effect
Theory that the completion of college indicates to employers that a job applicant is intelligent and hardworking
Equilibrium Wage
Wage where there is equal supply and demand
Unskilled Labor
Labor that requires no specialized skills, education, or training
Semi-Skilled Labor
Labor that requires minimal specialized skills and education
Skilled Labor
Labor that requires specialized skills and training
Professional Labor
Labor that requires advanced skills and education
Glass Ceiling
Unofficial, invisible barrier that prevents women and minorities from advancing in businesses dominated by white men
Labor Union
Group of workers that tries to improve working conditions, wages and benefits for its members
Featherbedding
Negotiating labor contracts that keep unnecessary workers on the company payroll
Collective Bargaining
Process in which union and company representatives meet to negotiate a new labor contract
Mediation
Settlement technique in which a neutral mediator meets with each side to try to find a solution that both sides will accept
Arbitration
Settlement technique in which a third party reviews the case and imposes a judgment that is legally binding for both sides.