PHASE 3: OPENSTAX CH. 4.1, 15: Wages and Unions Flashcards Preview

APEC1101H-SEM1 > PHASE 3: OPENSTAX CH. 4.1, 15: Wages and Unions > Flashcards

Flashcards in PHASE 3: OPENSTAX CH. 4.1, 15: Wages and Unions Deck (9)
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1

labor market

market for employee job

2

financial market

market for save or borrow

3

price

salary plu benefits

4

shifts in demand curve

output, edu training, technology, number of companies

5

shift in supply - labor supply

higher price, number of workers, required edu, gov policies, change in salary

6

min wage

prie floor makes it illegal for employer to pay employees less than cetian hourly rate

7

nonbinding

price floor doesnt determine market outcome

8

collective bargaining

negotiations between firs and unions

9

affirmative action

efforts by gov an business giving speial rights ot minority in hiring to make up for past discrimination