The Labour market Flashcards
1
Q
Define Derived Demand
A
demand for a good or service not for its own sake, but for what it produces, e.g. labour is demanded for the output it produces
2
Q
Define Non-pecuniary benefits
A
benefits offered to workers by firms that are not financial
3
Q
Define Participation rate
A
the proportion of the population of working age who are in employment or seeking work
4
Q
Define Minimum wage
A
a government-set minimum wage rate below which firms are not allowed to pay
5
Q
Define Maximum wage
A
a policy under which employees face a wage ceiling, being prohibited from paying a wage above a set level
