Business law part 8 Flashcards
(25 cards)
What is the labor market?
Availability of employment opportunities and supply of workers
Actors in the labor market include private and public entities offering employment at a certain wage.
What determines labor demand?
Determined by employers and influenced by wage or salary offered
Higher wage decreases quantity demanded, while lower wage increases quantity demanded.
What does NEET stand for?
Not in Employment, Education, or Training
Refers to young people not engaged in any form of employment, education, or training.
What is labor supply?
Number of workers willing and able to work for a given wage
Includes both employed and unemployed individuals and is influenced by wage or price for labor.
What occurs at the equilibrium of labor demand and supply?
Labor supply equals labor demand, determining the market wage.
What happens when wages are above equilibrium?
More people interested in the job.
What happens when wages are below equilibrium?
Shortage of workers.
List factors affecting labor demand.
- Demand for output
- Education/training requirements
- Technology
- Market competition
- Government regulations
List factors affecting labor supply.
- Number of available workers
- Education requirements
- Government policies
What factors influence workers’ decisions in the labor market?
- Personal lives
- Welfare
- Public services
- Ambitions
- Desires
- Financial situations
What does ‘Quiet Hiring’ involve?
Giving additional responsibilities to current employees, benefiting both employers and employees.
What is skills mismatch?
Occurs when individuals’ skills don’t match job requirements.
What are active labor market policies (ALMPs)?
Policies aimed to assist individuals in entering or remaining in the labor market.
List categories of ALMPs.
- Training
- Employment incentives
- Direct job creation
- Start-up incentives
- Public employment services and administration
- Sheltered and supported employment and rehabilitation
What are the objectives of ALMPs?
- Enhance job opportunities
- Improve job-worker matching
- Facilitate reemployment
- Guide individuals towards industries with skill shortages
How is labor treated historically?
Initially treated as a commodity, but perspective has changed over time.
What does labor law focus on?
The rights of workers and aims to address the power imbalance between employers and employees.
What are sources of labor law in Italy?
- Italian Constitution
- Civil Code
- Collective Agreements
- Laws
- Legislative Degrees
What rights do employees have under social rights?
- Freedom of opinion
- Prohibition of discrimination
- Equal salary
- Maximum working hours
- Rest days
- Paid annual holidays
What is the ‘binary divide’ in labor law?
Separates employment (subordinate work) and self-employment (independent work).
What key elements define an employment relationship?
- Contract
- Performance of work on behalf of the employer
- Payment
- Subjection to the employer’s direction and supervision
What is subordination in an employment relationship?
The employee is legally subordinate to the employer’s authority and control.
What does the term ‘worker’ refer to in the EU context?
Varies across member states, generally refers to employees who work for an employer.
What are International Labour Standards (ILS)?
- Conventions (legally binding)
- Recommendations (non-binding guidelines)
- Protocols
