 | Economics 14/e McConnell | |||||
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nominal wage
The amount of money received by a worker per unit of time (hour day etc.); money wage.
real wage
The amount of goods and services a worker can purchase with his or her nominal wage; the purchasing power of the nominal wage.
Purely Competitive Labor Market
monopsony
A labor market in which 1) many firms compete to hire specific types of labor; 2) numerous qualified workers with identical skills independently supply this type of labor; and, 3) Both individual firms and individual workers are "wage-takers" - i.e. neither can exert any control over the market wage rate.
A market structure in which there is only a single buyer of a good service or resource.
exclusive unionism
The practice of a labor union of restricting the supply of skilled union labor to increase the wages received by union members; the policies typically employed by a craft union.
occupational licensing
The laws of state or local governments which require a worker to satisfy certain specified requirements and obtain a license from a licensing board before engaging in a particular occupation.
inclusive unionism
The practice of a labor union of including as members all workers employed in an industry.
bilateral monopoly
A market in which there is a single seller (monopoly) and a single buyer (monopsony).
minimum wage
The lowest wage employers may legally pay for an hour of work.
wage differentials
The difference between the wage received by one worker or group of workers and that received by another worker or group of workers.
Non Competing Groups
human capital investment Any expenditure undertaken to improve the education
skills
health
or mobility of workers
with an expectation of greater productivity and
thus a positive return on the investment. Differences in the wages received by workers in different
jobs to compensate for nonmonetary differences in the jobs. A compensation structure which ties worker pay directly
to performance. Such plans include piece rates
bonuses
commissions
and profit sharing.
The idea that workers are not homogenous; they differ in their mental and physical capacities as well as in their education and training. At any given time, the labor force as a whole is made up of many noncompeting groups of workers, each representing several occupations for which the members of the group qualify. Workers from one group do not qualify for the occupations of another group.
compensating differences
incentive pay plan
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