Economics #4

Labor, Employment , and Wages

Wage rate is the price of labor. Labors can consider a pro lacrosse player. The wage rate is higher than minimum wage but is lower than living standards. Minimum wage is the lowest possible wage rate given to an employee. This is guaranteed by the minimum wage law. The minimum wage law is a federal law that specifies the lowest hourly wage rate that can be paid to workers.

Derived demand is a demand that is the result of some other demand. This is shown extensively in lacrosse because, for example once you buy a unstrung the demand to buy the string would increase.

Labor union are organizations that seeking to increase the wages and improve the working conditions of its members. In most lacrosse stores employees are not required to join the union.
the opposite of this is call union shop, an organization that requires employees to join the union within a certain period after being hired. Lacrosse organizaions are not closed shop which are organizations that hire only union members. This is probably because of the Taft-Hartley act. This act banned closed shops.

Through out lacrosse history there has ever been a huge strike, a work stoppage called by union members to put pressure on an employer.The right-to-work law doesn't affect lacrosse organizations; the right-to-work law makes union shops illegal.