Chapter 9 Flashcards Preview

ECONOMICS Mid-Term '15 > Chapter 9 > Flashcards

Flashcards in Chapter 9 Deck (13):
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Value of output produced

Productivity

1

The wage rate that produces neither an excess supply of workers nor an excess demand for workers in the labor market

Equilibrium Wage

2

Labor that requires no specialized skills, education, or training

Unskilled Labor

3

Labor that requires minimal specialized skills and education

Semi-Skilled Labor

4

Labor that requires specialized skills and training

Skilled Labor

5

Labor that requires advanced skills and education

Professional Labor

6

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

Glass Ceiling

7

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

Labor Union

8

The practice of negotiating labor contracts that keep unnecessary workers on a company's payroll

Featherbedding

9

An organized work stoppage intended to force an employer to address union demands

Strike

10

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

Collective Bargaining

11

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

Mediation

12

A settlement technique in which a third party reviews the case and imposes a decision that is legally binding for both sides

Arbitration