Economics and Business Flashcard

Front

What is the main factor that determines wages in a competitive labor market?

Back

Worker productivity

Front

Which of the following is considered unskilled labor? Electrician, Fast food worker, Nurse, Mechanic

Back

Fast food worker

Front

What is collective bargaining?

Back

Negotiation between employers and employees

Front

What is the purpose of a labor union?

Back

To protect workers' rights

Front

Which law made union membership optional in certain states?

Back

Right-to-Work Law

Front

What is wage discrimination?

Back

Paying different wages for the same job based on race or gender.

Front

Which of the following is a benefit of specialization in labor? Lower productivity, Higher wages for all workers, Increased efficiency, Decreased competition

Back

Increased efficiency

Front

What is human capital?

Back

Skills and knowledge of workers

Front

Which group typically earns the highest wages? Options: Unskilled labor, Semi-skilled labor, Skilled labor, Professional labor

Back

Professional labor

Front

What is a disadvantage of union membership for workers?

Back

Dues and fees