3.5 LABOUR MARKET Flashcards
1
Q
- define labour market
A
2
Q
- define the 2 types of labour
A
3
Q
- define folowing terms monsopsony, bilateral monopoly, trade union
A
4
Q
- whare are the demand and supply side in LM
A
5
Q
- what is demand& QD of labour
A
6
Q
- explain derived demand of labour
A
7
Q
link demand of labour and unemployment during recession
A
8
Q
what is the MRP therory
A
9
Q
whare are the assumptions of MRP theory
A
10
Q
formula of mrpl
A
11
Q
what is the mfcl
A
12
Q
explain the conditions of fimrs and household in a perfect labour market
A
13
Q
draw market and firm diagram of perfect labour market
A
14
Q
what is the condition for profit max level of employment
A
15
Q
illustrate that on a diagram
A
16
Q
draw a diagram to show how the market mrpl is derived from firms
A
17
Q
EVAL: MRP theory
A
18
Q
what is an extenstion/contraction in demand for labour
A
19
Q
explain rise/fall in demand of laobur
A
20
Q
explain wage affect on demand of labour
A
21
Q
explain non wage factors affect on demand for labour
A
22
Q
define wage elasticity of demand for labour
A
23
Q
explain factors influencing elasticity of demand for labour
A
24
Q
define supply of laobur
A
25
state & define 3 types of supply of labour (and response to wage inc.)
26
define and expl substitution and income effect
27
draw and explain backwards bending labour supply curve (state what happens in long run)
28
for (im)perfect labour market draw and explain diagram
29
expl (non) wage rate affect on labour (APP: brexit)
30
expl extenstion and contraction in supply
31
explain supply of labour shifts
32
explain wage elasticity of supply & factors influencing it
33
expl. market failure in LM (state type and expl. with solutions/ APP)
34
expl perfect labour market (def. diag.
35
expl: imperfect LM
36
expl: imperfect LM - monopsony (and wage determination DIAG, compar with PERFECT LM)
37
Expl. discrimination in the labour market (conseqs. and policies & diagram)
38
APP: issus in labour market
39
expl. national minimum wage (UK APP:)
40
expl +ve/-ve NMW
41
EVAL: NMW
42
Expl. trade union (define, why join, industrial action)
43
expl. wage determination ihn trade union (diag. expl. features, compare with perfect labour market)
44
expl. bilateral monopoly
45
expl. wage determination in bilateral monopoly
46
expl. causes of geographical immobility
47
expl. causes of occupational immobility
48
exp. policies to overcome occupational immobilities
