3.2 Wages and Labor

The wage rate, or price of labor service that is set when the supply of workers meets the demand for workers in the labor market

• derived demand

• equilibrium wage

• unskilled labor

• semi-skilled labor

Work that requires no specialized skills education or training is known as

• Unskilled labor

• Semi-skilled labor

• Skilled labor

• Professional labor

ALL of the following jobs would be classified as semi-skilled labor, EXCEPT--

• Dog walker

• Life guard

• Cashier

• Uber driver

Work that requires specialized skills and training, but not necessarily a college degree would be known as _________. An example would be _________.

• Unskilled labor; messenger

• Semi-skilled labor;

  accountant

• Skilled labor;

  electrician

• Professional labor;

  teacher

ALL of the following would be considered professional labor EXCEPT--

• Engineer

• Accountant

• Chef

• Social Worker

An organization of workers that tries to improve working conditions wages and benefits for its members

• labor union

• glass ceiling

• guild

• trade group

An organized work stoppage intended to force the employer to address demands

• Strike

• Right-to-work

• Mediation

• Collective bargaining

The process where the union and company managers meet to negotiate a new labor contract

• Strike

• Right-to-work

• Mediation

• Collective bargaining