Labor Market Flashcards
It is the link between the price of a product and the quantity demanded
Demand
A graphical representation of the price and quantity demand
Demand curve
A graphical representation of the price and quantity demand
Demand curve
Is the input to a factor of production
Labor
Exist with the invisible hand at work, the force of supply and demand
Labor market
Is the link between the price of a product and the quantity supplied for it
Supply
Ceteris paribus means
Price increase
A graphical representation of the price and quantity supplied
Supply curve
A graphical representation of the price and quantity supplied
Supply curve
The _________ is downward sloping and the _______ is upward sloping
Demand of labor and supply
Basically is the profit maximizing level of individual employer, also known as the marginal resources cost
Wage rate
If the demand for a certain good or service is booming more of it is produced and offered in the market and ultimately increase wages
Derived demand
There are some business that provide high wages to their employees, compared to the market equilibrium to motivate them to work and not leave the company
Efficiency wages
Price floor that ensures employees receive this amount
Minimum wages
International immigration benefits
Increases national output, the GDP
Enhance specialization especially with highly skilled immigrants
Provides net Economic benefit to the country
When people move between countries and become part of labor market of that country
Immigration
Indicates the average well-being of people in a country in a given period of time
Human development index
Indicates the average well-being of people in a country in a given period of time
Human development index
3 main components of Human development index
Life expectancy
Knowledge
Standard of living
