wages

The theory of negotiated wages is based on the

• idea that wages are influenced by a labor union negotiating with management for better pay and benefits

• the equilibrium wage created by supply of labor and demand of labor

• concept the more skills and talents you have the higher your pay should be

• principle of physical capital and resource accumulation

Unskilled workers often

• earn the most income

• work the most hours for the lowest wage

• have the most education and training

• need no supervision

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

• wages to increase

• no change in wages

• wages to decrease

Training and experiences is considered

• physical capital

• human capital

• labor

• necessary to obtain an unskilled job

What is the price for labor

• value

• labor productivity

• wages

• human capital

Wages, just like the other factors of production are governed by

• government regulation

• supply and demand

• labor laws

• glass ceiling

The lowest legal wage allowed for one hour of work.

• wage floor

• wage ceiling

• glass ceiling

• minimum wage

Practice of contracting with an outside company to provide goods or services

• labor productivity

• outsourcing

• insourcing

• human capital

Define minimum wage

• The minimum price firms are willing to pay for labor

• The minimum price unskilled workers are willing to supply their labor for

• The minimum price of labor set by governments in the labor market

• The minimum price of labor set by governments in the resource market

However the problem with the NMW (minimum wage) is that

• Workers get lazy

• It causes unemployment as costs rise for firms