Labour Markets Flashcards
What is derived demand
demand that depends on the demand for something else.
What is marginal physical product
the physical addition to output of an extra unit of a variable factor of production
What is marginal revenue product
the value of the physical addition to output of an extra unit of a variable factor of production
What is total physical product
the total output of a given quantity of factors of production
What is the activity rate/participation rate
The percentage or proportion of any given population in the labor force
What is disposable income
household income over a period of time including state benefits adjusted for taxes
What is net migration
The difference between emigration and immigration
What is underemployment
where people are not able to work as many hours as they would like, or are in jobs that are below their skill level
What are welfare benefits
money paid by a government to give financial benefits to people who are ill, unemployed, on a low income or too old to work
What is a working population
size of the population aged between the school leaving age and the state retirement age
What is a bilateral monopoly
When a single buyer faces a single seller in a market
What is geographical immobility
when workers find it difficult to move from one area to another
What is occupational immobility
when workers find it difficult to transfer from one occupation to another
What is structural unemployment
Unemployment caused due to changes of demand patterns in the economy; particularly in markets where demand has shrunk
