Labor Supply and Demand
What curve shows the relationship between wages and quantity of labor employers want to hire?
Labor demand Curve
What term describes the payment workers receive for labor ?
Wages
What type of unemployment is caused by searching ?
Frictional
Which animated movie has the song "Let it go"?
Frozen
What usually happens to labor supply when wages increase?
Labor supply inreases
What type of wage difference reflects differences in working conditions or risk?
Compensationg wage differentials
What type of unemployment is caused by economic recessions ?
Cyclical unemployment
What organ uses the most energy in the human body?
Brain
What effect does a minimum wage above the equilibrium have on employment ?
It creates unemployment
What economic theory explains wage diiferences based on education and skills ?
Human Capital theory
What type of unemployment comes from skill mismatch?
Structural unemployment
Which language has the most native speakers in the world?
Mandarin Chinese
What happens to labor demand when the price of output increases?
Labor demand increases
What term describes paying workers more than the market clearing wage?
Efficiency wage
What unemployment exists even in a healthy economy?
Natural unemployment
What can travel around the world while staying in one place?
stamp
What is the substitution effect on labor supply?
Workers substitute leisure for work when wages rise
What is the main reason unions can raise wages for their members?
Increased Bargaining power
Bargaining power is the ability of one side in a negotiation to influence the outcome in its favor.
In labor economics and HRM, it means how much influence workers (or unions) have when negotiating wages, benefits, and working conditions with employers.
What rate measures the percentage of unemployed workers?
Unemployment rate
What travels faster than sound?
light