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
