Examlex
Which of the following is used as a means of wage determination, as well as a motivational technique?
Labor Unions
Organizations representing workers in various industries, advocating for better wages, working conditions, and benefits for their members.
Non-Unionized Industries
Sectors of the economy where the workforce is not part of a labor union or covered by a collective bargaining agreement.
Recession
A phase of short-term economic downturn marked by decreased business and manufacturing operations, typically recognized by a decline in Gross Domestic Product for two consecutive quarters.
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.
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