Test Bank for Economics - Chapter 9
Vocabulary Test 9th Edition by George
Borjas
wages - ANSpayments received for work done
equilibrium wage - ANSthe wage at which the quantity of labor firms demand exactly matches
the quantity workers supply; the market price for labor
derived demand - ANSa demand for a product or resource based on its contribution to the final
product
wage rate - ANSthe established rate of pay for a specific job or work performed
human capital - ANSthe skills and knowledge gained by a worker through education and
experience
glass ceiling - ANSthe invisible barrier that separates women and minorities from top
management positions
minimum wage - ANSThe legal minimum hourly wage for large employers.
civilian labor force - ANSall civilians 16 years old or older who are either working or are looking
for work
outsourcing - ANSthe practice of contracting with an outside company, often in a foreign country,
to provide goods or services
insourcing - ANSthe practice of foreign companies establishing operations in, and therefore
bringing jobs to, the United States.
telecommuting - ANSworking from home
contingent employment - ANSa temporary and part-time job
independent contractor - ANSone who is self-employed, working under someone for specific
tasks
labor union - ANSassociation of workers organized to improve wages and working conditions
Vocabulary Test 9th Edition by George
Borjas
wages - ANSpayments received for work done
equilibrium wage - ANSthe wage at which the quantity of labor firms demand exactly matches
the quantity workers supply; the market price for labor
derived demand - ANSa demand for a product or resource based on its contribution to the final
product
wage rate - ANSthe established rate of pay for a specific job or work performed
human capital - ANSthe skills and knowledge gained by a worker through education and
experience
glass ceiling - ANSthe invisible barrier that separates women and minorities from top
management positions
minimum wage - ANSThe legal minimum hourly wage for large employers.
civilian labor force - ANSall civilians 16 years old or older who are either working or are looking
for work
outsourcing - ANSthe practice of contracting with an outside company, often in a foreign country,
to provide goods or services
insourcing - ANSthe practice of foreign companies establishing operations in, and therefore
bringing jobs to, the United States.
telecommuting - ANSworking from home
contingent employment - ANSa temporary and part-time job
independent contractor - ANSone who is self-employed, working under someone for specific
tasks
labor union - ANSassociation of workers organized to improve wages and working conditions
