ECON Chapter 9: THE ROLE OF LABOR

The payments received in return for work.

• Earnings

• Salary

• Wages

• Remuneration

A demand for a product or resource based on its contribution to the final product

• Derived Demand

• Market Demand

• Supply Chain

• Consumer Preference

An organization of workers that seeks to improve wages, working conditions, and other work-related matters for its members.

• Trade Association

• Labor Union

• Professional Association

• Collective Bargaining

A work stoppage used to convince an employer to meet union demands.

• Strike

• Protest

• Boycott

• Demonstration

The way businesses and unions negotiate wages and working conditions.

• Mediation

• Arbitration

• Negotiation

• Collective Bargaining

The practice of foreign companies establishing operations in the U.S. and, therefore, bringing jobs to the United States.

• Outsourcing

• Offshoring

• Insourcing

• Relocating

The practice of contracting with an another company, often in a foreign country, to provide goods and services.

• Outsourcing

• Subcontracting

• Offshoring

• Franchising

Refers to temporary or part-time work.

• Contingent Employment

• Seasonal Employment

• Freelance Work

• Casual Labor

Performing office work in a location other than the traditional office.

• Working remotely

• Telecommuting

• Working from home

• Working off-site

An artificial barrier to advancement faced by women and minorities.

• Inequality

• Glass Ceiling

• Discrimination

• Unfairness