Chapter 19

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12 Terms

1

Compensating Differentials

Wage differences due to job characteristics such as safety, difficulty, or fun.

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2

Human Capital

Investments in people, such as education and training, that enhance productivity.

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3

Superstar Phenomenon

In some professions, top performers can earn significantly more due to high demand and technology.

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4

Wages Above Equilibrium

Occurs when wages exceed market rate, leading to surplus labor or unemployment.

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5

Types of Discrimination

Different opportunities based on race, gender, age, etc., affecting wages.

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6

Statistical Discrimination

Judging individuals based on group characteristics instead of personal qualifications.

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7

Education as Signaling

The concept that education indicates one's ability to employers, even if it doesnโ€™t enhance productivity.

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8

Natural Ability

Innate traits such as intelligence, strength, or skill that affect earnings.

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9

Efficiency Wages

Wages paid above equilibrium to enhance productivity and attract talent.

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10

Minimum Wage

The legal minimum amount that can be paid to workers, serving as a wage floor.

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11

Causes of Wage Inequality

Increased demand for skilled labor and decreased demand for unskilled labor due to trade and technology.

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12

Examples of Compensating Differentials

Night shifts paying more than day shifts, coal miners earning higher wages due to dangerous conditions.

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