Wage Determination
People who demand wages above equilibrium will likely…
have a hard time finding a job
Doctors, lawyers, and teachers fall into this category.
professional labor
People 16+ working or actively seeking work are part of this.
the civilian labor force
A work stoppage used to pressure employers.
Strike
This Act limited union power for national security reasons.
Taft-Hartley Act (1947)
Name ONE factor that affects wage rates.
What is human capital / working conditions / discrimination / government action
Jobs that require little to no training fall into this category.
unskilled labor
Temporary or part-time work is known as…
contingent employment
When companies prevent workers from working during disputes.
Lockout
This Act made “yellow-dog contracts” illegal.
Norris-LaGuardia Act (1932)
This is the wage where labor supply equals labor demand.
equilibrium wage
Construction workers are typically classified as this.
semi-skilled labor
Foreign companies bringing jobs INTO the U.S. is called…
insourcing
Workers hired to replace striking workers.
Scabs
This Act protected workers’ right to unionize.
National Labor Relations Act (1935)
Formula used to calculate annual wage.
(hours/week × weeks/year) × wage rate
Give one example of human capital.
education / training / experience
Someone who sells their services on a contract basis
Independent Contractor
Negotiation process between unions and employers.
Collective bargaining
This Act established minimum wage and overtime pay.
Fair Labor Standards Act (1938)
The demand for labor is based on this type of demand.
derived demand
Why do skilled workers earn higher wages in regard to Supply/Demand?
high demand and low supply
Jobs related to producing goods fall under this sector.
secondary sector
This group lost support after the Haymarket event.
Knights of Labor
A workplace where employees must join a union within a certain time.
Union Shop