Labor Economics Overview

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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


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