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Details
Title: Chapter 10
Description: Human Capital and the Labor Market
Total Flash Cards: 10
Created: 05/18/2009 10:31:54
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Additional Economics Flashcards
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Cards in this set:
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Definition
the portion of the population that has paid work or is seeking work (active members of the military are not considered part of the labor force) |
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relocating work and jobs to another country |
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the rate of pay that results in neither a surplus nor a shortage of labor- if the wage for a job is set above equilibrium level, too many workers will apply- if it is set below, too few will apply |
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non-wage compensations offered to workers in addition to pay- examples- health insurance and paid vacation |
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a difference in the wages earned by various groups in society |
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policies designed to promote the hiring of individuals from groups that have historically faced job discrimination- such groups include minorities, women, and people with disabilities |
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negotiations between an employer and a group of employees, usually represented by a labor union, to determine the conditions of employment |
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a law that prohibits employers from making union membership a requirement for getting or keeping a job- 22 states have right-to-work laws |
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sending work once done by company employees to outside contractors |
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process by which people around the work, along with their economic activities, are becoming increasingly interconnected |
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