Econ Ch 8 Guided Reading pt. 2

  1. Unskilled Labor
    Those who workprimarily with their hands
  2. Semi-skilled labor
    Workers who have enough mechanical skills to operate machines
  3. Skilled Labor
    Workers who can operate complex equipment and perform their tasks with little supervision
  4. Professional Labor
    Highest level of knowledge-based education
  5. Wage Rate
    Standard amount of pay given for work performed
  6. Traditional Theory of Wage Determination
    Supply and demand for worker's skill and/or services determine the wage or salary
  7. Equilibrium wage rate
    Leaves Neither a surplus nor a shortage in the labor market
  8. Signaling Theory
    Employers are usually willing to pay more for workers with "signals" of superior ability, such as diplomas or degrees.
  9. Labor Mobility
    Ability and willingness of workers to relocate in markets where wages are higher
  10. In what way can the drop in union membership be attributed to the unions being the victims of their own success?
    When unions raise wages, union-made products become more expensive so the products are lost to nonunion products. This causes unions to cut back on production and lose members.
  11. What is a giveback?
    Wage, fringe benefit, or work rule given when labor contract is negotiated
  12. What is a two-tier wage system?
    System that keeps high wages for current workers, but has a lower wage for newly hired workers
  13. What is the glass ceiling and what groups does it mainly appear to affect?
    It is a barrier that prevents minorities and women from going up the corporate ladder
  14. What legal remedies does the Civil Rights Act of 1964 offer to workers suffering from wage and salary discrimination?
    The EEOC was created which addresses discrimination, and issues guidelines and regulations
  15. What is comparable worth?
    People should receive equal pay for work that is different, but just as demanding as other jobs
  16. What is a set-aside contract?
    Guaranteed contract for a targeted group
  17. How does the use of part-time workers mean savings for employers?
    Employers don't have to provide benefits and part time workers won for less money
Card Set
Econ Ch 8 Guided Reading pt. 2
Econ Ch 8 Guided Reading