| A | B |
|---|
| Unskilled Labor | employees that lack specific skills and training |
| Semi-skilled Labor | Employees with a basic level of mechanical ability and training |
| Skilled Labor | Employees that can operate complex equiptment and are highly trained |
| Professional Labor | Employees with the highest level of knowledge-based education and professional skills |
| Noncompeting Labor Grades | Broad categories of labor that do not compete for jobs |
| Wage Rate | standard amount of pay provided for work performed |
| Traditional Theory of Wages | Supply and demand for workers skills determine wages |
| Equilibrium Wage Rate | wage rate that leaves neither a surplus or a shortage in the labor market |
| Theory of Negotiated Wages | Bargaining strenth is directly correlated with wages. |
| Seniority | length of time a person has been at a job. |
| Signaling Theory | Employers are willing to pay more for those with credentials |
| Labor Mobility | willingness and ability for labor to relocate to markets where wages are higher. |
