
Ch40 Labor Market Forces and Gov't Intervention

Flashcard
•
Social Studies
•
12th Grade
•
Hard
Chloe Zhang
FREE Resource
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9 questions
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1.
FLASHCARD QUESTION
Front
What is a derived demand?
Back
A derived demand is where the demand for a good or service such as labour depends on the use that is made from it in the production of other goods and services.
2.
FLASHCARD QUESTION
Front
What is the marginal revenue product of labour?
Back
The marginal revenue product of labour is the addition to total revenue from employing one more unit of labour.
3.
FLASHCARD QUESTION
Front
What factors influence the demand for labour in a firm or occupation?
Back
The demand for labour depends on factors including the wage rate or earnings, the marginal productivity of labour, and the demand for the product.
4.
FLASHCARD QUESTION
Front
What factors influence the supply of labour in an occupation?
Back
The supply of labour depends on monetary reasons such as the weekly wage or earnings, and non-monetary reasons such as hours of work, job security, job satisfaction, and workplace security.
5.
FLASHCARD QUESTION
Front
How is the wage rate determined in a perfect market?
Back
In a perfect market, the wage rate is determined where the demand for labour and the supply of labour are equal.
6.
FLASHCARD QUESTION
Front
How is the wage rate determined in a imperfect market?
Back
In an imperfect market, the wage rate is determined by profit maximizing in monopsony or influenced by trade union.
7.
FLASHCARD QUESTION
Front
What are transfer earnings and economic rent?
Back
Transfer earnings is the minimum payment necessary to keep someone in their present occupation. Economic rent is any additional payment above transfer earnings.
8.
FLASHCARD QUESTION
Front
What is the impact of an increase in labour productivity?
Back
An increase in labour productivity means more goods and services can be produced from the same amount of resources, enhancing Malaysia’s price competitiveness relative to its trading rivals.
9.
FLASHCARD QUESTION
Front
What is monopsony?
Back
The only buyer in a market, e.g. the only employer who demand a certain type of worker in the labor market.
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