MHR 522 Study Guide - Midterm Guide: Elton Mayo, Trade Union, Reservation Wage
17 Oct 2017
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Labour relations: relationship between management of a company and its workforce. Employment relations: company"s efforts to manage relationships between employers and employees. Independent contractor: someone engaged in their own business. Dependent contractor: someone who appears to be independent, but economically dependent on single organization. Paradigms: view accepted by individual or society as clear example of how things work in the world. Market: interaction of buyers & sellers in which price is established and product/service exchanged. Labour market: interaction of buyers and sellers of labour services. Labour: measure of work done by human beings. Wage rate: price of an hour of work established in labour markets. Reservation wage: lowest wage at which worker would be willing to accept a particular job. Featherbedding: retaining workers who would otherwise be made redundant by technological change. Minimum wage: artificial minimum price set above the natural market equilibrium through legislation.
