40 terms

Economics Chapter 9

learning effect
theory that education increases productivity and results in higher wages
screening effect
theory about the relationship of education to wages
contingent employment
temporary and part time jobs
farm worker
What job was held by most workers in the US at the founding of the country?
labor costs less overseas
Why are US firms moving manufacturing jobs overseas?
What percentage of adult women are in the work force today?
flexible work arrangements
What is one reason many firms hire temporary workers to do a particular job?
Wages of college graduates only have gone up
How have the earnings of US workers changed over the last 20 years?
What percentage of the total compensations in the US economy today is composed of benefits?
computer engineer
Which of the following jobs is expected to double in the next few years?
labor force
non military workers over 16 who are employed or unemployed
equilibrium wage
wage rate that produces neither excess supply nor excess demand for workers
glass ceiling
invisible barrier preventing women and minorities from advancing in business dominated by white men
involves contract negotiations that keep unnecessary workers on the payroll
supply and demand control wages
Basic economic principle that decides how high wages will be?
minimum wage laws, safety laws, and labor unions
What factors can affect wages? (3)
Which of the following is generally considered to be a skilled worker?
Women earn about 75% of what men earn
How does the pay level of men compare to women?
Union workers earn more money for similar work
What is generally one of the major differences between union and nonunion workers?
collective bargaining
process by which union and company representatives meet to negotiate and form a new labor contract
a settlement technique in which a third party reviews the case and imposes a legally binding decision
labor union
an organization of workers that tries to improve working conditions, wages, and benefits for its members
an organized work stoppage intended to force an employer to address union demands
right-to-work law
a measure that bans mandatory union membership
blue collar workers have industrial jobs; white collar workers have professional or clerical jobs
Difference between blue collar workers and white collar workers?
the Taft-Hartley Act
Which legislation enacted in 1947 may have been a reason for the decline in union membership?
to secure it's workers jobs
What is one of a labor unions primary goals?
loss of profits, wages, and jobs
What is considered a negative impact caused by a strike? (3)
growth of public sector unions only
What has been the pattern of union membership in recent years?
unskilled labor
work that requires no specialized skills, education, or training
white-collar worker
a professional who usually receives a salary
a third party meets with each side to seek a nonbinding solution
blue-collar worker
industrial workers who receive wages
professional labor
work that requires advanced skills and education
the shift from manufacturing to services
One trend in the US economy is _________.
computer-related fields
Production of services is increasing faster than the production of goods especially in ______.
Bureau of Labor Statistics (BLS)
in the US dept. of labor; surveys households to assemble information on the labor force.
level of output produced
Industrial Revolution and the dangerous conditions and long hours of new factory jobs.
The labor union movement was largely a response to changes brought on by the __________________.
Taft-Hartley act
allowed states to pass right-to-work laws