Exploring Economics Unit 10 quiz
States that do not require union membership
Are open or right to work states
Wages or salary
Are the price of labor
Benefits
Are things of value that employers provide which are usually not taxable
Unions
Bargain collectively with industry regarding wages and working conditions
Downturns in the business cycle
Cause cyclical unemployment
Wages being above the equilibrium rsge
Causes classical unemployment
The US Dept of Labor
Defines the labor force in the US as all people sixteen or older who are employed or actively seeking work
Supply and demand
Determine the price employers pay for labor
To calculate unemployment,
Divide the number of people who are without a job but wanting to work by the total work force
Common ways that companies
Eliminate positions on their payrolls is by outsourcing and downsizing
Discouraged workers
Have not been able to find work and have stopped actively looking
The minimum wage
Is a legally mandated minimum hourly wage that all employers ( with some exceptions) must pay workers
A wage
Is an hourly rate paid for labor rendered
Economists call unions a cartel because they
Limit the supply of labor in the market
Structural unemployment
Occurs because of a mismatch between the skills that people have and the needs that employers have
Seasonal unemployment
Occurs when employers let go employees they hired temporarily during a particular season
Underemployment
Refers to people who are working at jobs that are beneath their skill level but are the only work they can find
Frictional unemployment
Refers to those who simply have not had the time to find a job
Today's largest and strongest unions
Represent government workers
A state's closed shop laws
Require workers in certain industries to be members of a union