Questions and Answers
What is the Labor Force?
What does outsourcing mean?
The practice of contracting with another company to do a specific job that would otherwise be done by a company's own workers.
Define offshoring.
The movement of some of a company's operations to another country.
What is the Learning Effect?
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What does the Screening Effect refer to?
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What is contingent employment?
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Who are Guest Workers?
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What does Derived Demand mean?
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What is Productivity of Labor?
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Define equilibrium wage.
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What is unskilled labor?
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What does semi-skilled labor refer to?
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Define skilled labor.
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What is professional labor?
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What is the Glass Ceiling?
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Define a labor union.
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What is featherbedding?
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What are strikes?
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What does Right To Work Labor mean?
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Define blue collar worker.
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What is a white collar worker?
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What is collective bargaining?
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Define mediation.
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What is arbitration?
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Study Notes
Labor Market Concepts
- Labor Force: Comprises all nonmilitary individuals classified as either employed or unemployed.
- Outsourcing: Involves contracting outside companies to perform tasks typically handled by a business’s employees.
- Offshoring: Refers to relocating certain company operations to foreign countries.
Education and Labor Efficiency
- Learning Effect: Suggests that increased education enhances production efficiency, leading to higher wages for skilled workers.
- Screening Effect: Indicates that completing college serves as a signal to employers regarding a job applicant’s intelligence and work ethic.
Employment Types
- Contingent Employment: Characterizes temporary or part-time jobs without long-term security.
- Guest Workers: Temporary workers from abroad allowed to live and work in the U.S.
Demand and Productivity
- Derived Demand: Describes demand influenced by the need for another good or service.
- Productivity of Labor: Measures the output quantity produced per labor unit.
Wage Dynamics
- Equilibrium Wage: Established when worker supply meets labor demand in the market.
Workforce Classification
- Unskilled Labor: Entails work requiring no specialized skills or training.
- Semi-Skilled Labor: Involves minimal specialized skills and limited education requirements.
- Skilled Labor: Requires specialized skills and comprehensive training.
- Professional Labor: Necessitates advanced skills and extensive education.
Barriers and Representation
- Glass Ceiling: Symbolizes an invisible obstruction hindering women and minorities from ascending to top positions in male-dominated organizations.
- Labor Union: An organized body aimed at enhancing working conditions, wages, and member benefits.
Labor Relations Practices
- Featherbedding: The practice of maintaining unnecessary workers on payroll through negotiated labor contracts.
- Strikes: Organized work stoppages aimed at compelling employers to comply with union demands.
Employment Rights
- Right to Work Law: Legislation prohibiting mandatory union membership as a condition of employment.
Worker Categories
- Blue Collar Worker: Engages in manual labor, typically in manufacturing, and earns hourly wages.
- White Collar Worker: Works in professional or administrative positions, usually compensated with a weekly salary.
Negotiation and Conflict Resolution
- Collective Bargaining: A collaborative process where union representatives and company management negotiate labor contracts.
- Mediation: A method where a neutral third party aids both sides in reaching a mutually acceptable settlement.
- Arbitration: A process involving a neutral party who provides a legally binding decision after hearing both arguments.
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Description
Test your knowledge with these flashcards covering key terms from Economics Chapter 9. Concepts like labor force, outsourcing, offshoring, and learning effect are highlighted to enhance your understanding of the labor market and global trade. Perfect for students preparing for exams or wanting to refresh their economics terminology.