demand for a good or factor of production, not wanted for its own sake, which is a consequence of the demand for something else
derived demand
1 of 17
the addition to a firm's total output brought about by employing one more worker
marginal physical product of labour
2 of 17
the money value of the addition to a firm's total output brought about by employing one more worker
marginal revenue product of labour
3 of 17
proportionate change in demand for labour following a change in the wage rate
elasticity of demand for labour
4 of 17
the sum of the monetary and non-monetary benefits of working
net advantage
5 of 17
proportionate change in the supply of labour following a change in the wage rate
elasticity of supply of labour
6 of 17
total wage costs divided by the number of workers employed
average cost of labour
7 of 17
the addition to a firm's total cost of production resulting from employing one more worker
marginal cost of labour
8 of 17
there is only one buyer in a market
monopsony
9 of 17
the market power exercised in a market by the buyer of a good or the services of a factor production such as labour, even though the firm is not a pure monopsonist
monopsony power
10 of 17
when workers are unwilling or unable to move from one job to another because they lack or are unable to attain the skills needed
occupational immobility of labour
11 of 17
when workers are unwilling or unable to move from one area to another in search of work
geographical immobility of labour
12 of 17
a group of workers who join together to maintain and improve their conditions of employment, including their pay
trade union
13 of 17
a process by which wage rates and other conditions of work are negotiated and agreed upon by a union or unions with and employer or employers
collective bargaining
14 of 17
a wage rate that must by law be payed to employees
national minimum wage
15 of 17
an adult wage rate set by the UK government, which has replaced the adult national minimum wage rate
national living wage
16 of 17
paying different workers different wage rates for doing the same job
wage discrimination
17 of 17
Other cards in this set
Card 2
Front
the addition to a firm's total output brought about by employing one more worker
Back
marginal physical product of labour
Card 3
Front
the money value of the addition to a firm's total output brought about by employing one more worker
Back
Card 4
Front
proportionate change in demand for labour following a change in the wage rate
Back
Card 5
Front
the sum of the monetary and non-monetary benefits of working
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