2.7 - Labour Market

Question 1

labour market

Answer 1

where the demand for labour (firms) and the supply of labour (workers) meet

Question 2

wage

Answer 2

the monetary reward that workers get and is a cost for firms

Question 3

immobility of labour

Answer 3

labourers cannot move freely between jobs

Question 4

supply of labour

Answer 4

the number of people willing and able to sell their labour at a given wage over a given period of time

Question 5

demand of labour

Answer 5

the number of firms willing and able to employ workers at a given wage over a given period of time

Question 6

WeD labour (wage elasticity of demand)

Answer 6

the responsiveness of labour demand relative to a change in wage

Question 7

WeS labour (wage elasticity of supply)

Answer 7

the responsiveness of the supply of labour relative to a change in wage

Question 8

net income (take-home pay)

Answer 8

amount a person receives when they get their check

Question 9

Gross pay

Answer 9

the total amount a worker is paid before any required or voluntary deductions are made