refers to no. of workers firm is willing to hire at given wage rate in given time period
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Marginal Physical Product of labour (MPP)
Addition to firms total output (in SR) brought about by employing one more worker
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Marginal Revenue Product of Labour (MRP)
Addition to a firm's revenue, when an additional worker is hired MRP = MPP x MR
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elasticity of demand for labour
Measures responsiveness of demand when there is a change in the wage rate
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Supply of labour
refers to no. of workers willing & able to work at a given wage rate in a given time period
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substitution & income effect
substitution effect causes more hrs to be worked as wages increase income effect causes workers to work less hrs coz can get their target income with fewer hrs spent
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non-monetary considerations
utility/welfare derived from other aspects than wage e.g. job satisfaction
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monopsony labour market
sole employer of labour in a given profession e.g. state dominant employer in teaching/nursing
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Trade Union
organisation of workers that bargain for higher wages & better working conditions through collective bargaining (bargaining on behalf of all workers)
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NMW
a min wage rate that must by law, be paid to employees - example of minimum price - Govt. intervention to redistribute income & make market outcomes more equitable
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Wage discrimination
paying different workers different wage rates for doing the same job
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Other cards in this set
Card 2
Front
Addition to firms total output (in SR) brought about by employing one more worker
Back
Marginal Physical Product of labour (MPP)
Card 3
Front
Addition to a firm's revenue, when an additional worker is hired MRP = MPP x MR
Back
Card 4
Front
Measures responsiveness of demand when there is a change in the wage rate
Back
Card 5
Front
refers to no. of workers willing & able to work at a given wage rate in a given time period
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