Economics Unit 3 - The labour market 0.0 / 5 ? EconomicsThe labour marketA2/A-levelAQA Created by: anna_richardsCreated on: 25-02-16 14:14 What is the demand for labour? Derived demand 1 of 17 What are the factors affecting the demand for labour? Price of labour, Productivity, Price of other factors of production 2 of 17 What is the MRP? MP x MR 3 of 17 What causes an increase in the MRP? Improved training, Better management, Better capital 4 of 17 How do you calculate the elasticity of the demand for labour? c 5 of 17 What does the supply of labour depend on? No. of skilled workers, Non-wage benefits, Wages 6 of 17 What is the labour supply? Total no. of hours an employee is willing and able to supply at a given wage rate 7 of 17 What is the labour force? Total no. of people in work/seeking employment and available to start 8 of 17 What is net advantage? Welfare derived from wages (what we buy) Welfare derived from work (job satisfaction) 9 of 17 What is a monopsony? A single buyer in a market 10 of 17 What is a trade union? A collective association of workers who aim to improve wages and other conditions of work of its members 11 of 17 What is wage discrimination? Paying different workers different wages for doing the same job 12 of 17 What is income? A flow of money to a factor of production 13 of 17 What is wealth? A stock of valuable assets 14 of 17 What are the sources of wealth? (ICES) Inheritance, Chance, Entrepreneur, Savings 15 of 17 What are the causes of wealth? (IMIC) Inheritance, Marriage, Income inequality, Chance 16 of 17 What are the main causes of income inequality? Low paid jobs, Taxation, Structural unemployment 17 of 17
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