Brainscape's Knowledge GenomeTM

Browse over 1 million classes created by top students, professors, publishers, and experts.


See full index

Paper 1 Microeconomics > Labour markets > Flashcards

Labour markets Flashcards

1
Q

What is the demand for labour derived from

A

The demand for labour is derived from the demand of factors of production. E.g if demand foreign holidays increase, the demand for pilots also increase.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
2
Q

What is the demand for labour also known as?

A

The theory of marginal revenue productivity

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
3
Q

A firms demand for labour depends on..

A

The productivity of additional units of labour, known as MPP. (Marginal physical product)

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
4
Q

What is MRP?

A

Marginal revenue productivity is the additional REVENUE generated from employing an additional unit of labour

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
5
Q

What is MPP?

A

Marginal physical product is the addition to a firm’s OUTPUT from employing an additional unit of labour

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
6
Q

What is the MRP curve

A

The marginal revenue productivity curve shows the relationship between the wage rate and the number of workers employed.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
7
Q

The MRP curve is also known as..

A

The demand for labour curve

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
8
Q

MRP formula

A

MRP= MPP x MR

How well did you know this?
1
Not at all
2
3
4
5
Perfectly

Paper 1 Microeconomics (4 decks)

Brainscape helps you reach your goals faster, through stronger study habits.
© 2024 Bold Learning Solutions. Terms and Conditions