SECOND HALF OF MICRO

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FIRM
An organisation that brings together factors of production in order to produce output and generate profit
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DERIVED DEMAND
demand for a g/s not for its own sake but for what it produces. Labour is demanded for the output it produces
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WAGE RATE
the price that firms must pay in order to obtain a certain amount of labour
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INFLUENCES OF DEMAND FOR LABOUR
Output labour produces, the productivity of labour, wage rate and price of g/s firms produce
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INFLUENCES OF ELASTICITY OF DL
the extent to which other factors of production can be subs
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Other cards in this set

Card 2

Front

DERIVED DEMAND

Back

demand for a g/s not for its own sake but for what it produces. Labour is demanded for the output it produces

Card 3

Front

WAGE RATE

Back

Preview of the front of card 3

Card 4

Front

INFLUENCES OF DEMAND FOR LABOUR

Back

Preview of the front of card 4

Card 5

Front

INFLUENCES OF ELASTICITY OF DL

Back

Preview of the front of card 5

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