3.5 - Labour Market Flashcards
1
Q
Labour demand
A
The amount of workers firms are willing to hire at a given wage rate
2
Q
Derived demand
A
The demand for labour is dependent upon the demand for goods and services
3
Q
Monopsony
A
A market with one dominant buyer and many sellers
4
Q
Monopsony Power
A
The ability of a large buyer to influence the market outcome
5
Q
Trade union
A
An organisation with members who are usually workers or employees, which protects the rights and pay of workers through collective bargaining
