Term
|
Definition
| tool, equipment, or other manufactured good used to produce other goods and services |
|
|
Term
|
Definition
| good intended for final use by consumers rather than businesses |
|
|
Term
|
Definition
| person who uses goods and services to satisfy wants and needs |
|
|
Term
|
Definition
| productive resources that make up the four categories of land, capital, labor, and entrepreneurship |
|
|
Term
|
Definition
| sum of people's skills, abilities, health, and motivation |
|
|
Term
|
Definition
| basic requirement for survival; includes food, clothing, and/or shelter |
|
|
Term
|
Definition
| cost of the next best alternate use of money, time, or resources when one choice is made rather than another |
|
|
Term
|
Definition
| can describe the possible combinations of output that can be attained for a given set of inputs |
|
|
Term
|
Definition
| fundamental economic problem facing all societies that results from combination of scarce resources and people's virtually unlimited wants |
|
|
Term
|
Definition
| work or labor performed for someone; economic product that includes haircuts, home repairs, and forms of entertainment |
|
|
Term
|
Definition
| alternatives that must be given up when one is chosen rather than another |
|
|
Term
|
Definition
| ability or capacity of a good or service to be useful and give satisfaction to someone |
|
|
Term
|
Definition
| worth of a good service as determined by the market |
|
|
Term
|
Definition
| way of expressing or communicating a need; broader classification of a need |
|
|
Term
|
Definition
| workers not trained operate specialized machines and equipment |
|
|
Term
|
Definition
| workers who can operate machines requiring a minimum amount of training |
|
|
Term
|
Definition
| workers who can operate complex equipment and require little supervision |
|
|
Term
|
Definition
| workers with a high level of professional and managerial skills |
|
|
Term
| Noncompeting labor grades |
|
Definition
| broad groups of unskilled, semiskilled, skilled, and professional workers who do not compete with one another |
|
|
Term
|
Definition
| prevailing pay scale for work performed in a given area or region |
|
|
Term
| Tradition theory of wage determination |
|
Definition
| explanation of wage rates relying on theory of supply and demand |
|
|
Term
|
Definition
| wage rate leaving neither a surplus nor a shortage in the market |
|
|
Term
| Theory of negotiated wages |
|
Definition
| explanation of wage rates based on the bargaining strength of organized labor |
|
|
Term
|
Definition
| length of time a person has been on a job |
|
|
Term
|
Definition
| theory that employers are willing to pay more for people with certificates, diplomas, degrees, and other indicators of superior ability |
|
|
Term
|
Definition
| ability and willingness of labor to relocate, usually for higher wages |
|
|
Term
|
Definition
| wage, fringe benefit, or work rule given up when renegotiating a contract |
|
|
Term
|
Definition
| wage scale paying newer workers a lower wage than other already on the job |
|
|
Term
|
Definition
| seemingly invisible barrier hindering advancement of women and minorities in a male-dominated organization |
|
|
Term
|
Definition
| doctrine stating that equal pay should be given for jobs of comparable difficulty |
|
|
Term
|
Definition
| guaranteed contract or portion thereof reserved for a targeted, usually minority, group |
|
|
Term
|
Definition
| worker who regularly works fewer than 35 hours per week |
|
|
Term
|
Definition
| lowest legal wage that can be paid to most workers |
|
|
Term
|
Definition
| dollar amounts or prices that are not adjusted for inflation |
|
|
Term
|
Definition
| dollar amounts or prices that have been adjusted for inflation |
|
|
Term
|
Definition
| year serving as point of comparison for other years in a price index or other statistical measure |
|
|
