Micro

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Wages

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 are payments received in return for work

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Equilibrium wage

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is the wage at which the quantity of workers demanded equals the quantity of workers supplied the market price for labor. 

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Derived demand

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is a demand for a product or resource based on its contribution to the final product

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wage rate  

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is the established rate of pay for a specific job or work performed 

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Human capital

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is the knowledge and skills that enable workers to be productive. 

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Glass

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ceiling is an artificial barrier to advancement faced by women and minorities.

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Minimum wage

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is the legal minimum amount that an employer must pay for one hour of work 

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Civilian labor force

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is made up of people age 16 or older who are employed or actively looking for and available to do work 

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Outsourcing

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is the practice of contracting with an outside company often in foreign country to provide goods or services. 

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Insourcing

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is the practice of foreign companies establishing operations in, and therefore bringing jobs to the United States.