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Micro-Economics > Commodity Market > Flashcards

Commodity Market Flashcards

1
Q

Definition of Commodity Market

A

This is markets for various types of raw materials used in the production process of many manufacturing industries..

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2
Q

Definition of Labour Market

A

The labour market is a factor market. In the labour market the price of labour is the wage rate. In a free mark the price of labour is determined by the focus of demand and supply.

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3
Q

Factors affecting the demand for labour

A
  1. The price of other factors of production
  2. The price of other workers - migration
  3. New technology
  4. Increase efficiency
  5. Demand for the product
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4
Q

Factors affecting the supply of labour

A
  1. Migration
  2. Trade Unions
  3. Welfare Benefits
  4. Income tax
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Micro-Economics (12 decks)

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