Economics Unit 3 - The labour market

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What is the demand for labour?
Derived demand
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What are the factors affecting the demand for labour?
Price of labour, Productivity, Price of other factors of production
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What is the MRP?
MP x MR
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What causes an increase in the MRP?
Improved training, Better management, Better capital
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How do you calculate the elasticity of the demand for labour?
c
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What does the supply of labour depend on?
No. of skilled workers, Non-wage benefits, Wages
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What is the labour supply?
Total no. of hours an employee is willing and able to supply at a given wage rate
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What is the labour force?
Total no. of people in work/seeking employment and available to start
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What is net advantage?
Welfare derived from wages (what we buy) Welfare derived from work (job satisfaction)
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What is a monopsony?
A single buyer in a market
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What is a trade union?
A collective association of workers who aim to improve wages and other conditions of work of its members
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What is wage discrimination?
Paying different workers different wages for doing the same job
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What is income?
A flow of money to a factor of production
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What is wealth?
A stock of valuable assets
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What are the sources of wealth? (ICES)
Inheritance, Chance, Entrepreneur, Savings
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What are the causes of wealth? (IMIC)
Inheritance, Marriage, Income inequality, Chance
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What are the main causes of income inequality?
Low paid jobs, Taxation, Structural unemployment
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Other cards in this set

Card 2

Front

What are the factors affecting the demand for labour?

Back

Price of labour, Productivity, Price of other factors of production

Card 3

Front

What is the MRP?

Back

Preview of the front of card 3

Card 4

Front

What causes an increase in the MRP?

Back

Preview of the front of card 4

Card 5

Front

How do you calculate the elasticity of the demand for labour?

Back

Preview of the front of card 5
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