Past Questions Flashcards
1
Q
What are the reasons a labour market may be imperfectly competitive
A
Labour not homogeneous
Collective bargaining
Role of government
Mobility/ immobility of labour
2
Q
What is the definition of equity
A
Fairness or justice
3
Q
What is vertical equity
A
The treatment of people in different income groups
4
Q
What is horizontal equity
A
Treatment of people in similar earning positions
5
Q
What is equality
A
Equal distribution of resources
