chapter 19 v2

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19 Terms

1

Compensating Differentials

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

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2

Nonmonetary Characteristics

features that don’t involve pay but still affect how people feel about their work

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3

What factors contribute to equilibrium wages in a job market?

Job differences, compensating differentials, human capital, and various personal attributes.

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4

Human Capital

The accumulation of investments in people, including education and on-the-job training.

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5

Signaling in Education

The idea that educational qualifications serve as a signal of a worker's ability, rather than solely increasing productivity.

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6

Effort and Chance

Factors influencing wages, where effort results in higher earnings and chance can affect job opportunities.

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7

The Superstar Phenomenon

The observation that top performers in certain fields earn disproportionately higher wages compared to average performers.

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8

Minimum Wage

A legally mandated lowest wage that can be paid to workers, which can lead to wages above equilibrium.

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9

Labor Market Discrimination

The practice of offering different opportunities or wages to similar individuals based on personal characteristics like race or gender.

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10

Statistical Discrimination

Discrimination arising from using irrelevant personal attributes to make assumptions about relevant characteristics.

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11

What role does education play in wage determination?

Education can enhance productivity and serve as a signaling tool for potential employers.

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12

What happens to labor demand when wages are above equilibrium?

Labor demand typically decreases, leading to a surplus of labor or unemployment.

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13

EX: night shift vs. day shift

Night shifts tend to pay more due to less desirability compared to day shifts.

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14

What effect does technology have on the labor market?

Technology tends to displace unskilled labor while increasing the demand for skilled labor.

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15

Compensating Differentials for Education

The wage difference between educated and uneducated workers as compensation for the cost of schooling.

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16

Examples of Wages Above Equilibrium

Minimum wages, union bargaining, and efficiency wages that incentivize productivity.

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17

What is the implication of labor supply exceeding demand?

It leads to a surplus of labor, resulting in unemployment.

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18

Discrimination from Employers

Employers may face pressure to hire the best candidates regardless of personal biases.

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19

Customer and Government Discrimination

When discrimination aligns with customer preferences or is supported by government policies, wage disparities can continue unchallenged.

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