F583 Market failure...

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Monopsonist
a single buyer
1 of 12
Oligopolist
one of a few dominant buyers
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Bilateral monopoly
a market with a single buyer and seller
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Disequilibrium unemployment
unemployment caused by the aggregate supply of labour exceeding the aggregate demand for labour
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Equilibrium unemployment
unemployment that exists where the labour market is in equilibrium
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Non-accelerating inflation rate of unemployment (NAIRU)
the level of unemployment that exists when the labour market is in equilibrium; also called equilibrium unemployment
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Geographical immobility of labour
barriers to the movement of workers between different areas
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Occupational immobility of labour
barriers to workers changing occupations
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Gini coefficient
used to make international comparisons of income inequality. It is found by using a lorenz curve
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Lorenz curve
a diagram commonly used to illustrate income or wealth distribution, named after the American statistician Max Otto Lorenz
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Absolute poverty
the inability to purchase the basic necessities of life
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Dependency rate
proportion of the population who are too young, too old or too sick to work and so who are reliant on the output of those who are working
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Other cards in this set

Card 2

Front

one of a few dominant buyers

Back

Oligopolist

Card 3

Front

a market with a single buyer and seller

Back

Preview of the back of card 3

Card 4

Front

unemployment caused by the aggregate supply of labour exceeding the aggregate demand for labour

Back

Preview of the back of card 4

Card 5

Front

unemployment that exists where the labour market is in equilibrium

Back

Preview of the back of card 5
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