Chapter 9: The Role of Labor

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

• Production

• Wages

• Value

• Labor Productivity

What is the price for labor

• value

• labor productivity

• wages

• human capital

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

• government regulation

• supply and demand

• labor laws

• glass ceiling

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

• minimum wage

• maximum wage

• Fair Standards Act

• equilibrium wage

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

• derived demand

• equilibrium demand

• excessive demand

• shortage of demand

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

• human capital

• wage rate

• labor productivity

• derived demand

The knowledge and skills that enable workers to be productive.

• wage rate

• labor productivity

• human capital

• collective bargaining

What describes an unseen barrier to advancement?

• labor productivity

• labor unions

• minimum wage

• glass ceiling

The lowest legal wage allowed for one hour of work.

• wage floor

• wage ceiling

• glass ceiling

• minimum wage

Who is a part of the civilian labor force?

• people in the military

• people in prison

• people in institutions

• people 16 or older who are employe or seeking employment