Labor Vocab

Front

Demand for a resource arising from the demand for its product.

Back

Derived Demand

Front

Value of output produced by a resource.

Back

Productivity

Front

Wage where labor demand equals supply.

Back

Equilibrium Wage

Front

When one resource can replace another in production, an increase in the cost of one resource raises the demand for the other.

Back

Resource Substitute

Front

When one resource works with another in production; a decrease in the cost of one increases the demand for the other.

Back

Resource Complement

Front

Minimum wage establishes the least an employer must pay a worker per hour.

Back

Minimum wage Law

Front

Group of workers seeking better pay and conditions through negotiation.

Back

Labor Union

Front

Process where union reps and employers negotiate wages, benefits, and conditions.

Back

Collective Bargaining

Front

Impartial observer suggesting resolutions to labor disputes.

Back

Mediator

Front

Labor union's action to withhold work from a firm.

Back

Strike