Economics- Topic 5- Labor

Labor Force

• all nonmilitary people who are employed or unemployed

• a group of workers that tries to improve working conditions, wages, benefits, etc.

Labor Union

• all nonmilitary people who are employed or unemployed

• a group of workers that tries to improve working conditions, wages, benefits, etc.

Right to Work Laws

• a measure that bans mandatory union membership

• a neutral person meets with both parties to try and find a solution

• a neutral party listens to both sides and imposes a decision that is legally binding

Mediation

• a measure that bans mandatory union membership

• a neutral person meets with both parties to try and find a solution

• a neutral party listens to both sides and imposes a decision that is legally binding

Arbitration

• a neutral party listens to both sides and imposes a decision that is legally binding

• a neutral person meets with both parties to try and find a solution

• a measure that bans mandatory union membership

Outsourcing

• the practice of contracting with another company to do a specific job that would otherwise by the companies own workers

• movement of some of the companies operations or resources of production to another country

• unofficial barrier that someone prevents some women and minorities from advancing

• the theory that education increases efficiency of production

Offshoring

• the practice of contracting with another company to do a specific job that would otherwise by the companies own workers

• movement of some of the companies operations or resources of production to another country

• unofficial barrier that someone prevents some women and minorities from advancing

• the theory that education increases efficiency of production

Learning Effect

• the practice of contracting with another company to do a specific job that would otherwise by the companies own workers

• movement of some of the companies operations or resources of production to another country

• unofficial barrier that someone prevents some women and minorities from advancing

• the theory that education increases efficiency of production

Glass Ceiling

• the practice of contracting with another company to do a specific job that would otherwise by the companies own workers

• movement of some of the companies operations or resources of production to another country

• unofficial barrier that someone prevents some women and minorities from advancing

• the theory that education increases efficiency of production

Derived Demand

• is set by the demand for another good

• the wage rate that is set when the supply of workers meets the demand for workers

• the wage rate that is set when the supply of workers does not meet the demand for workers

• consumers will buy more of a good when its price is lower and less when the price is higher