Unit 3 Review

Front

In supply and demand of labor, the number of laborers is the ______ and the number of job openings is the ______.

Back

supply, demand

Front

When demand for a skill is low, but supply of workers with that skill is high, this usually results in a labor ______ and wages ______.

Back

surplus, decrease

Front

When demand for a skill is high, and supply of workers with that skill is low, this usually results in a labor ______ and wages ______.

Back

shortage, increase

Front

What is the minimum wage known as?

Back

Wage floor

Front

What can result when there is a minimum wage above the equilibrium wage?

Back

Labor surplus

Front

What can be a result of a labor surplus?

Back

Unemployment

Front

Can states set their minimum wage above or below the federal minimum wage?

Back

Above

Front

What is the difference between offshoring and outsourcing?

Back

Offshoring involves moving production overseas, outsourcing involves hiring external companies.

Front

What is the name of the process in which labor unions negotiate with employers?

Back

Collective bargaining

Front

What is the difference between arbitration and mediation?

Back

Mediation is an informal process, arbitration is binding