Labor Force

the portion of the population that has paid work or is seeking work (active members of the military are not considered part of the labor force)

Offshoring

relocating work and jobs to another country

Equilibrium Wage

the rate of pay that results in neither a surplus nor a shortage of labor- if the wage for a job is set above equilibrium level, too many workers will apply- if it is set below, too few will apply

Fringe Benefits

non-wage compensations offered to workers in addition to pay- examples- health insurance and paid vacation

Wage Gap

a difference in the wages earned by various groups in society

Affirmative Action

policies designed to promote the hiring of individuals from groups that have historically faced job discrimination- such groups include minorities, women, and people with disabilities

Collective Bargaining

negotiations between an employer and a group of employees, usually represented by a labor union, to determine the conditions of employment

Right To Work Law

a law that prohibits employers from making union membership a requirement for getting or keeping a job- 22 states have right-to-work laws

Outsourcing

sending work once done by company employees to outside contractors

Globalization

process by which people around the work, along with their economic activities, are becoming increasingly interconnected