Examlex
The social definitions of race and ethnicity affect a person's place and status in a stratification system.
Labor Union
An organization of workers formed to protect and advance their rights and interests, typically through collective bargaining.
Excess Supply
A situation where the quantity of a product offered by producers exceeds the quantity demanded by consumers, leading to surplus.
Equilibrium Market Wage
Another term for the wage rate at which the quantity of labor demanded equals the quantity supplied, ensuring labor market balance without excess supply or demand.
Discrimination
Unjust or prejudicial treatment of different categories of people, especially on the grounds of race, age, or gender.
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