Labor Force Key Terms

Flashcards covering key vocabulary and concepts from the lecture notes on the labor force.

Labor Force

All people who are at least 16 years old or older looking for work or currently working.

Labor Intensive Industries

Industries that rely heavily on woman labor for production.

Capital Intensive Industries

Industries that rely on machinery and technology.

Industrialization

Change in production from home to factory, single-unit production to mass production, and handmade to machine-made.

Outsourcing

Obtaining goods or services from an outside or foreign supplier.

Offshoring

Relocation of business processes or functions from one country to another.

Wage Rate

Pay a worker receives.

Labor Union

Organization of workers that negotiates with employers for better wages, improved working conditions, and job security.

Collective Bargaining

Speaking for all members of a union.

Craft Union

Composed of only skilled workers.

Industrial Union

Composed of all workers, regardless of skill level.

Bread and Butter Issues

Safe working conditions, higher wages, shorter working days (union priorities).

Mediation

A neutral third party helps to communicate during labor disputes.

Arbitration

A neutral third party evaluates both sides and makes a decision during labor disputes.

Right to Work Law

State laws that prohibit union security agreements between employees and labor unions.

Labor Mobility

The ease of moving between jobs, industries, or locations.

Glass Ceiling

A barrier keeping women and minorities from getting high positions.

Comparable Worth

Men and women should be paid the same based on skill/responsibilities, not by gender.

Contingent Employment

Hiring workers for non-permanent, temporary positions rather than full-time positions.

Telecommuting

Working from home (digital office nomad).

Equilibrium Wage

Wage rate where the supply of labor equals the demand for labor.

Closed Shop

Only union workers.

Union Shop

Must join the union after being hired and stay a member as long as you have the job.