Examlex
Distinguish between substantive and personalized conflict.
Efficiency-Wage Theory
The concept that employers may pay a higher wage than the market equilibrium to increase worker productivity, loyalty, and satisfaction, thereby reducing turnover and shirking.
Labor Unions
Organizations that represent workers in negotiations with employers over wages, working conditions, and benefits to protect their rights and interests.
Efficiency Wage
A theory stating employers pay a wage that is higher than the market equilibrium to increase worker productivity and efficiency.
Unemployment
A situation where individuals who are willing and able to work cannot find employment, measured as a percentage of the labor force.
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