Econ Unit 4 Key Terms

Labor that requires advanced skills and education.

Labor that requires minimal specialized skills and education.

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

Labor that requires specialized skills and training.

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

All nonmilitary/noninstitutionalized people who are employed or unemployed.

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

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

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

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