Econ Chpt 9 Vocab Quiz

  1. Labor Force
    All normality people who are employed or unemployed.
  2. Learning Effect
    The theory that education increases productivity and results in higher wages.
  3. Screening Effect
    The theory that the completion of college indicates to employers that a job applicant is intelligent and hard working.
  4. Contingent Employment
    A temporary or part-time job.
  5. Derived Demand
    Demand that is determined by demand for another good or service.
  6. Productivity
    Value of output.
  7. Equilibrium Wage
    The wage rate that produces neither an excess supply of workers nor an excess demand for workers for workers in the labor market.
  8. Unskilled Labor
    Labor that requires no specialized skills, education, or training.
  9. Semi-skilled Labor
    Labor that requires minimal specialized skills and education.
  10. Skilled Labor
    Labor that requires specialized skills and training.
  11. Professional Labor
    Labor that requires advanced skills and education.
  12. Glass Ceiling
    An unofficial, invisible barrier that prevents women and minorities from advancing in businesses dominated by white men.
  13. Labor Union
    An organization of workers that tries to improve working conditions , wages, and benefits for its members.
  14. Featherbedding
    The practice of negotiating labor contracts that keep unnecessary workers on a company's payroll.
  15. Strike
    An organized work stoppage intended to force an employer to address union demands.
  16. Right-to-work-law
    A measure that bans mandatory union membership.
  17. White-collar Worker
    Someone in a professional or clerical job who usually earns a salary.
  18. Blue-collar worker
    Someone who works in an industrial job, often in manufacturing, and who receives wages.
  19. Collective Bargaining
    The process in which union and company representatives meet to negotiate a new labor contract.
  20. Mediation
    A settlement technique in which a neutral mediator meets with each side to try to find a solution that both sides will accept.
  21. Arbitration
    A settlement technique in which a third party reviews the case and imposes a decision that is legally binding for both sides.
Card Set
Econ Chpt 9 Vocab Quiz
Words and Defs for Chpt Econ Vocab Quiz.