Chapter 10 Econ. Vocabulary

Labor force

The _________ consists of those people age 16 and over who have jobs or who are actively looking for work.

Knowledge workers

Another key trend in the labor market is the growing need for _________. Describes people who work with information or who develop or apply information in the workplace.

Outsourcing

One key development in recent years is the growth of __________. This term refers to the business practice of sending work once done by company employees to outside contractors.

Temporary workers

The use of _________ is also common. They are employed for limited periods of time for a variety or reasons.

Telecommuting

__________ is another growing practice in the labor market. They do much or even all of their work at home, using phones and computers to remain connected to their workplaces.

Globalization

__________ is the process by which people around the world, along with their economic activities, are becoming increasingly interconnected.

Offshoring

One key aspect of globalization is the growing practice of ________, or relocating work and jobs to other countries.

Inshoring

This process, known as _________, creates jobs for American workers.

Equilibrium wage

An _________ is a wage rate that results in neither a surplus nor a shortage of qualified workers.

Fringe benefits

__________ are nonwage compensations offered to workers in addition to their pay. These include health insurance, paid vacation time, and retirement plans.

Wage discrimination

__________ occurs when some workers are paid less to do the same job as other workers because of their ethnicity, gender, or other personal characteristics.

Wage gap

Nevertheless, a _________--a difference in the wages earned by different groups in society--still exists.

Affirmative action

_________ initiatives are also intended to prevent discrimination. These initiatives call on employers to take positive steps to increase the presence of historically underrepresented groups in employment, education, and business.

Certification

__________ is an official recognition that a person is qualified in his or her field.

Yellow-dog contracts

Others required employers to sign _________, which prohibited workers from joining unions.

Closed shop

A ________ is a business that will only hire workers who are union members.

Collective bargaining

___________ is a process in which workers, represented by their union, negotiate with employers for better wages and working conditions.

Union shop

In a ________, workers are required to join the union after being hired.

Right-to-work laws

The Taft-Hartley Act also permitted states to pass ________. These laws make it illegal to require workers to join a union as a condition of their employment.

Right-to-work states

Currently there are some 20 _________. Most are located in the South and West.

Bread-and-butter unionism

To reach it's goal of expanding union membership, Change to Win is concentrating on ________. This means focusing on the economic issues that affect workers' daily lives.