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 fo r a job is set above equilibrium level, too many workers will apply. If it is set below, too few will apply.

fringe benefits  Nonwage compensations offered to workers in addition to pay. Examples include health insurance plans and paid vacations.

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. Twenty-two states have right-to-work laws.

Chapter Sections

10.1 – Introduction
10.2 – What Trends Are Shaping Today’s Labor Market?
10.3 – What Determines How Much Workers Earn?
10.4 – How Can You Increase Your Human Capital?
10.5 – What Role Do Unions Play in the Labor Market?

Chapter 10 - Textbook Scan