Econ Unit 4: Key Terms

Labor that requires advanced skills and education.

• Unskilled labor

• Semi-skilled labor

• Skilled labor

• Professional labor

Labor that requires minimal specialized skills and education.

• Unskilled labor

• Semi-skilled labor

• Skilled labor

• Professional labor

Labor that requires specialized skills and training.

• Unskilled labor

• Semi-skilled labor

• Skilled labor

• Professional labor

Labor that requires no specialized skills, education, or training.

• Unskilled labor

• Semi-skilled labor

• Skilled labor

• Professional labor

An organization of workers that tries to improve working conditions, wages, and benefits from its members.

• Labor force

• Collective bargaining

• Labor Union

• Worker contracting

All nonmilitary/noninstitutionalized people who are employed or unemployed.

• Labor force

• Collective bargaining

• Labor union

• Workers

The process in which union and company representatives meet to negotiate a new labor contract.

• Labor force

• Collective bargaining

• Labor union

• Worker contracting

Unemployment that occurs as a result of harvest schedules or vacations, or when industries slow or shut down for a season.

• Structural unemployment

• Cyclical unemployment

• Seasonal unemployment

• All of the above

Unemployment that occurs when workers’ skills do not match the jobs that are available.

• structural unemployment

• Cyclical unemployment

• Seasonal unemployment

• All of the above

Unemployment that rises during economic downturns and falls when the economy improves.

• Structural unemployment

• Cyclical unemployment

• Seasonal unemployment

• All of the above