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Economic Development (1st year, summer) > Chapter 7 > Flashcards

Chapter 7 Flashcards

1
Q

Most important and largest in almost all economies with the gross national earnings

A

Labor

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2
Q

Operates by supplying a skill or talent that someone else would need or demand

A

Labor Markets

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3
Q

Roles in the labor market are determined by the one who ?, or ? and ?

A

The one who supplies the labor
The seller of the labor
The one who buys the labor

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4
Q

Link between the price of a product and the quantity demanded for it

A

Demand

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5
Q

The input to a factor of production

A

Labor

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6
Q

Exist with the invisible hand at work, the forces of supply and demand

A

Labor markets

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7
Q

The idea about decision-makers on how much more income is expected for additional labor employed

A

Value of the marginal product of labor

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8
Q

Gives us the relationship of the inputs in terms of the poor and the amount of product obtained

A

The production function

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9
Q

The more labor the production function shows that it increases at a fast rate at the beginning, and moves slowly, flatter, toward the right most part of the graph

A

Diminishing marginal productivity

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10
Q

Is the link between the price of a product and the quantity supplied for it

A

Supply

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11
Q

All other things remain constant

A

Ceteris paribus

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12
Q

Individuals would be choosing not to work when they value leisure more than the weight rate that they would be receiving from working

A

Reservation wage theory

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13
Q

Minimum rate that a worker is willing to accept for a specific job at a given period of time, considering there is no change in an individual’s, overall wealth, marital status, length of an employment, health, and security and disability issues

A

Reservation wage

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14
Q

The demand for labor is ? And the supply is ?

A

Downward sloping
Upward sloping

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15
Q

The point where demand for labor, and the supply are met

A

Equilibrium wage and quantity

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16
Q

Is the profit, maximizing level of individual employer, also known as ______(MRC)

A
  1. Wage rate
  2. Marginal resources cost
17
Q

As an employee invest his or her time, labor services, ideas, skills, knowledge, and abilities. Every employer must fairly compensate these with a reasonable wage that is (2)_________with the same employee, contributing the same resources in the market.

A
  1. Individual earnings and wages
  2. At par or even higher
18
Q

If the demand for exerting, good or service is booming, more of it is produced, and offered in the market, and ultimately increases wages

A

Derived demand

19
Q

There are some businesses that provide high wages to their employees compared to the market equilibrium to motivate them to work, and not leave the company

A

Efficiency wages

20
Q

Price floor that ensures employees receive this amount or more and employers are prevented from paying below this amount

A

Minimum wage

21
Q

Reveals who have special skills or who have had long training

A

Skilled workers

22
Q

When people move between countries, and become part of the labor market of that country

A

Immigration

23
Q

When is the race or nationality is undermined and is given less respect

A

Wage discrimination

24
Q

Wage discrimination Happens when there is ?

A

Monopsony

25
Q

Only one buyer of the labor offered it can clearly be distinguished who is favored and who is less discriminated against, and an ostensible varied price elasticity of labor supply in different groups

A

Monopsony

26
Q

Indicates the average well-being of people in the country in a given period of time

A

Human development index

27
Q

Average life of the people in the country, according to various demographic factors

A

Life expectancy

28
Q

Average year of schooling of adults and children

A

Knowledge

29
Q

GDP per capita plus all income by citizens, derived abroad for investments and foreign aid received

A

Standard of living

Economic Development (1st year, summer) (3 decks)

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