Labor Economics Overview
Human capital
Accumulated skills, knowledge, and health
Glass ceiling
Barrier limiting women's top job promotions
Wage rate
Base wage per time unit or output unit
Labor Productivity
Compares output to labor input for economic performance
Derived demand
Demand resulting from another demand
Wage stagnation
Economic slowdown with no wage growth
Equilibrium wage
Intersection of labor demand and supply curves
Structural unemployment
Job-person mismatch unemployment
Minimum wage
Legally lowest payable wage
In-demand Career
Likelihood of employment in a field
Economic Underclass
Lowest social class with limited opportunities
Labor
Physical work exerted
Wages
Regular fixed payments for work
Frictional unemployment
Temporary job transition unemployment
Cyclical unemployment
Unemployment due to economic cycles
