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10 Cards in this Set
- Front
- Back
Labor Force |
All nonmilitary people who are employed or unemployed |
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Outsourcing |
The practice of contracting with another company to do a specific job that would otherwise be done by a company's own workers |
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Offshoring |
The movement of some of a company's operations to another country |
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Learning Effect |
The theory that education increases efficiency of production and thus results in higher wages |
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Screening Effect |
The theory that the completion of college indicates to employees that a job applicant is intelligent and hard-working |
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Contingent Employment |
A temporary and part-time job |
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Guest Workers |
Members of the labor force from another country who are allowed to live and work in the United States only temporarily |
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Derived Demand |
A type of demand that is set by the demand for another good or service |
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Productivity of Labor |
The quantity of output produced by a unit of labor |
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Equilibrium Wage |
The wage rate, or price of labor services, that is set when the supply of workers meets the demand for workers in the labor market |