Information asymmetryIn contract theory and economics, information asymmetry deals with the study of decisions in transactions where one party has more or better information than the other. Information asymmetry creates an imbalance of power in transactions, which can sometimes cause the transactions to be inefficient, causing market failure in the worst case. Examples of this problem are adverse selection, moral hazard, and monopolies of knowledge. A common way to visualise information asymmetry is with a scale, with one side being the seller and the other the buyer.
Returns to scaleIn economics, the concept of returns to scale arises in the context of a firm's production function. It explains the long-run linkage of increase in output (production) relative to associated increases in the inputs (factors of production). In the long run, all factors of production are variable and subject to change in response to a given increase in production scale. In other words, returns to scale analysis is a long-term theory because a company can only change the scale of production in the long run by changing factors of production, such as building new facilities, investing in new machinery, or improving technology.
OffshoringOffshoring is the relocation of a business process from one country to another—typically an operational process, such as manufacturing, or supporting processes, such as accounting. Usually this refers to a company business, although state governments may also employ offshoring. More recently, technical and administrative services have been offshored. Offshoring and outsourcing are not mutually inclusive: there can be one without the other.
Labour movementThe labour movement or labor movement consists of two main wings: the trade union movement (British English) or labor union movement (American English) on the one hand, and the political labour movement on the other. The trade union movement (trade unionism) consists of the collective organisation of working people developed to represent and campaign for better working conditions and treatment from their employers and, by the implementation of labour and employment laws, from their governments.
Piece workPiece work or piecework is any type of employment in which a worker is paid a fixed piece rate for each unit produced or action performed, regardless of time. When paying a worker, employers can use various methods and combinations of methods.
ProfessionalA professional is a member of a profession or any person who works in a specified professional activity. The term also describes the standards of education and training that prepare members of the profession with the particular knowledge and skills necessary to perform their specific role within that profession. In addition, most professionals are subject to strict codes of conduct, enshrining rigorous ethical and moral obligations.
Labor rightsLabor rights or workers' rights are both legal rights and human rights relating to labor relations between workers and employers. These rights are codified in national and international labor and employment law. In general, these rights influence working conditions in the relations of employment. One of the most prominent is the right to freedom of association, otherwise known as the right to organize. Workers organized in trade unions exercise the right to collective bargaining to improve working conditions.
TradespersonA tradesperson is a skilled worker that specializes in a particular trade. Tradespeople usually gain their skills through work experience, on-the-job training, an apprenticeship program or formal education. As opposed to a craftsperson or an artisan, a tradesperson is not necessarily restricted to manual work. In Victorian England: The terms "skilled worker," "craftsman," "artisan," and "tradesman" were used in senses that overlap. All describe people with specialized training in the skills needed for a particular kind of work.
Working poorThe working poor are working people whose incomes fall below a given poverty line due to low-income jobs and low familial household income. These are people who spend at least 27 weeks in a year working or looking for employment, but remain under the poverty threshold. In the US, the official measurement of the working poor is controversial. Many social scientists argue that the official measurements used do not provide a comprehensive overview of the number of working poor.
Blue-collar workerA blue-collar worker is a working class person who performs manual labor and/or skilled trades. Blue-collar work may involve skilled or unskilled labor. The type of work may involve manufacturing, warehousing, mining, excavation, electricity generation and power plant operations, electrical construction and maintenance, custodial work, farming, commercial fishing, logging, landscaping, pest control, food processing, oil field work, waste collection and disposal, recycling, construction, maintenance, shipping, driving, trucking, and many other types of physical work.
