| Term | Definition |
|---|
| unskilled labor | those who work primarily with their hands because they lack the training and skills required for other tasks |
| semiskilled labor | workers with enough mechanical abilities and skills to operate machines that require a minimum amount of training |
| Skilled labor | includes workers who are about to operate complex equipment and can perform their tasks with little supervision |
| professional labor | those individuals with the highest level of knowledge-based education and managerial skills |
| noncompeting labor grades | broad categories of labor that do not entirely compete wiht one another because of experience, training, education, and other human capital investments |
| wage rate | a standad amount of pay given for work performed |
| traditional theory of wage determination | states that the supply and demand for a worker's skills and services determine the wage or salary |
| equilibrium wage rate | the wage rate that leaves neither a surplus nor a shortage in the labor market |
| theory of negotiated wages | states that organized labor's bargaining strength is a factor that helps determines wages |
| seniority | the length of time a person has been on the job |
| signaling theory | states that employers are willing to pay more for people with certificates, diplomas, degrees, and other indicators or "signals" of superior ability |
| labor mobility | the ability and willingness of workers to relocate in markets where wages are higher |
| giveback | a wage, fringe benefit, or work rule given up when a labor contract is negotiated |
| two-tier wage system | a system that keeps high wages for current workers, but has a much lower wage for newly hired workers |
| glass ceiling | an invisible barrier that obstructs their advancement up the corporate ladder |
| comparable worth | the principle stating that people should receive equal pay for work that is different from, but just as demanding as, other types of work |
| set-aside contract | a guaranteed contract reserved exclusively for a targeted group |
| part-time workers | those workers who regularly work fewer than 35 hours per week |
| minimum wage | the lowest wage that can be paid by law to most workers |
| current dollars | in dollars that are not adjusted for inflation |
| real or constant dollars | dollars that are adjusted in a way the removes the distortion of inflation |
| base | a year that serves as the comparison for all other years |
Combine with other sets
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