Economics Chapter 9

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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

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