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13 Cards in this Set
- Front
- Back
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the demand for a resource that arises from the demand for the product that resource produces
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derived demand
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the value of output produced by a resource
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productivity
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the wage at which the quntity of labor firms want to hire exactly matches the quantity workers want to supply
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equilibrium wages
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one resource can replace another in production; an increase in the price of one resource increases the demand for the other
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resource substitutues
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one resource works with the other in production; a decrease in the price of one increases the demand for the other
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resource complements
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establishes a minimum amount that an employer can pay a worker for an hour of labor
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minimum wage law
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state law that says a worker at a union company does not have to join the union or pay union dues to hold a job there
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right-to-work law
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a group of workers who join together to seek higher pay and better working conditions by negotiation a labor contract with their employers
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labor union
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the process by which representatives of the union and the employer negotiate wages, employee benefits, and working conditions
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collecting bargaining
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an impartial observer brought in when labor negotiations break down, to suggest how to resolve differences
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mediator
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when labor negotiations break down and the public interest is involved, a neutral third party is brought in to impose a settlement that both sides must accept
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binding arbitration
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a labor union's attempt to withhold labor from the firm
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strike
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union efforts to force employers to hire more workers than demanded for the task
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featherbedding
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