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Microeconomics CH 14
Vocab
16
Economics
Undergraduate 1
04/20/2009

Additional Economics Flashcards

 


 

Cards

Term
Wage Rate
Definition
The price paid for the use or services of labor per unit of time (per hour, per day, and so on).
Term
Nominal Wage
Definition
The amount of money received by a worker per unit of time (hour, day, etc.); money wage.
Term
Real Wage
Definition
The amount of goods and services a worker can purchase with his or her nominal wage; the purchasing power of the nomial wage.
Term
Purely Competitive Labor Market
Definition
A resource market in which many firms compete with one another in hiring a specific kind of labor, numerous equally qualified workers supply that labor, and no one controls the market wage rate.
Term
Monopsony
Definition
A market structure in which there is only a single buyer of a good, service, or resource.
Term
Exclusive Unionism
Definition
The practice of a labor union of restricting the supply of skilled union labor to increase the wages received by union members; the policies typically employed by a craft union.
Term
Occupational Licensing
Definition
The laws of state or local governments that require that a worker satisfy ceretain specified requirements and obtain a license from a licensing board before engaging in a particular occupation.
Term
Inclusive Unionism
Definition
The practice of a labor union of including as members all workers employed in an industry.
Term
Bilateral Monopoly
Definition
A market in which there is a single seller (monopoly) and a single buyer (monopsony).
Term
Minimum Wage
Definition
The lowest wage that employers may legally pay for an hour of work.
Term
Wage Differentials
Definition
The difference between the wage received by one worker or group of workers and that received by another worker or group of workers.
Term
Marginal Revenue Productivity
Definition
Higher productivity yeilds higher wages. ???
Term
Noncompeting Groups
Definition
Collections of workers in the economy who do not compete with each other for employment because the skill and training of the workers in one group are substantially different from those of the workers in other groups.
Term
Human Capital
Definition
The knowledge and skills that make a person productive.
Term
Compensating Differences
Definition
Differences in the wages received by workers in different jobs to compensate for nonmonetary differences in the jobs.
Term
Incentive Pay Plan
Definition
A compensation structure that ties worker pay directly to performance. Such plans include piece rates, bonuses, stock options, commissions, and profit sharing.
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