Unit 3 Business & Labor

Front

Back

Supply of Labor offered by workers

Front

What is the organization that advances the collective interest of employees and strives to improve working conditions and increase wages?

Back

Labor union

Front

What is the term used to describe a price floor that prevents employers from paying workers below a specific amount?

Back

Minimum wage

Front

What does the labor market refer to?

Back

Supply of labor and demand for labor

Front

If a job is in high demand and has a low supply of applicants, the pay will be ___________

Back

Higher

Front

If a job is in low demand and has a large supply of applicants, the pay will be ____________.

Back

Lower

Front

Unskilled workers often

Back

work the most hours for the lowest wage

Front

If the supply of labor increases and the demand for labor stays the same, we could expect

Back

wages to decrease

Front

When a person has special talents and training their wage is often determined by

Back

the Signaling Theory of Wages

Front

Picking fruit requires no skills or training. This type of job falls under the category of...

Back

unskilled labor

Answer explanation

Those who work primarily with their hands because they lack the training and skills required for other tasks make up the category.