Economics Uni1 1 KW (2)

  • Created by: Katryna
  • Created on: 30-11-12 19:49
Definition of 'Derived Demand'
not wanted for its own sake but for what it can contribute to production
1 of 7
Demand for labour
from employers
2 of 7
Supply of labour
those people seeking for employment (employees)
3 of 7
Definition of unstabel commodity markets
Prices of raw materials such as grain, crude oil, (rise very greatly over time)
4 of 7
Definition of labour immobility
ability of workers to change from one job to another
5 of 7
Definition of imperfect market information
producers may know more than buyers, or some producers know more than others.
6 of 7
Definition of externalities
costs and benefits external to the change. Third party effects ignored by price mechanism. e.g:chemical plant sells chemicals .e.g: external cost, pollution, traffic congestion. / external benefits: jobs
7 of 7

Other cards in this set

Card 2

Front

Demand for labour

Back

from employers

Card 3

Front

Supply of labour

Back

Preview of the front of card 3

Card 4

Front

Definition of unstabel commodity markets

Back

Preview of the front of card 4

Card 5

Front

Definition of labour immobility

Back

Preview of the front of card 5
View more cards

Comments

No comments have yet been made

Similar Economics resources:

See all Economics resources »