Econ Unit 4 Key Terms

1. Labor that requires advanced skills and education.

• 1. Unskilled labor

• 1. Semi-skilled labor

• 1. Skilled labor

• 1. Professional labor

1. Labor that requires minimal specialized skills and education.

• 1. Unskilled labor

• 1. Semi-skilled labor

• 1. Skilled labor

• 1. Professional labor

1. Labor that requires no specialized skills, education, or training.

• 1. Unskilled labor

• 1. Semi-skilled labor

• 1. Skilled labor

• 1. Professional labor

1. Labor that requires specialized skills and training.

• 1. Unskilled labor

• 1. Semi-skilled labor

• 1. Skilled labor

• 1. Professional labor

1. An organization of workers that tries to improve working conditions, wages, and benefits from its members.

• 1. Labor force

• 1. Collective bargaining

• 1. Labor union

• 1. Worker contracting

1. All nonmilitary/noninstitutionalized people who are employed or unemployed.

• 1. Labor force

• 1. Collective bargaining

• 1. Labor union

• 1. Workers

1. The process in which union and company representatives meet to negotiate a new labor contract.

• 1. Labor force

• 1. Collective bargaining

• 1. Labor union

• 1. Worker contracting

1. Unemployment that occurs as a result of harvest schedules or vacations, or when industries slow or shut down for a season.

• 1. Structural unemployment

• 1. Cyclical unemployment

• 1. Seasonal unemployment

• 1. Frictional unemployment

1. Unemployment that occurs when workers’ skills do not match the jobs that are available.

• 1. Structural unemployment

• 1. Cyclical unemployment

• 1. Seasonal unemployment

• 1. Frictional unemployment

1. Unemployment that rises during economic downturns and falls when the economy improves.

• 1. Structural unemployment

• 1. Cyclical unemployment

• 1. Seasonal unemployment

• 1. Frictional unemployment