Chapter 19

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  1. compensating differential
    a difference in wages that arrises to offset the nonmonetary characteristics of different jobs
  2. human capital
    the accumulation of investments in people, such as education and on-the-job training
  3. union
    a worker association that bargains with employers over wages and working conditions
  4. strike
    the organized withdrawal of labor from a firm by a union
  5. efficiency wages
    above-equilibrium wages paid by firms in order to increase worker productivity
  6. discrimination
    the offering of different opportunities to similar individuals who differ by race, ethnic group, sex, age, or other personal characteristics
Card Set
Chapter 19
A.P. Economics textbook, Chapter 19 vocabulary
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