The Labour Market Flashcards
1
Q
Value added
A
Products or services have increased value because work has been done on them
2
Q
Wage rate
A
Amount of money paid to workers for their services over a period of time
3
Q
Derived demand
A
Demand that arises because there is demand for another good
4
Q
Demand for labor
A
Quality of workers who producers are willing and able to pay for
5
Q
Demand for labor factors
A
- Demand for product
- Availability of substitutes
- Productivity of labor
- Other employment costs
6
Q
Supply of labor factors
A
- Population size
- Migration
- Age distribution of the population
- Retirement age
- School leaving age
- Female participation
- Skills and qualifications
- Labor mobility
