Chapter 9: The Role of Labor

Front

The value of the goods or services that a laborer can produce in a set amount of time.

Back

Labor Productivity

Front

What is the price for labor?

Back

wages

Front

Wages, just like the other factors of production are governed by

Back

supply and demand

Front

The wage at which the number of workers needed equals the number of workers available.

Back

equilibrium wage

Front

The demand for a product or resource based on its contribution to the final product.

Back

derived demand

Front

The rates of pay for a specific job or work performed.

Back

wage rate

Front

The knowledge and skills that enable workers to be productive.

Back

human capital

Front

What describes an unseen barrier to advancement?

Back

glass ceiling

Front

The lowest legal wage allowed for one hour of work.

Back

minimum wage

Front

Who is a part of the civilian labor force?

Back

people 16 or older who are employed or seeking employment