Theme 3 Definitions (Labour Market only for now) Flashcards
1
Q
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 that it produces
2
Q
Non-Pecuniary Benefits
A
Benefits offered to workers by firms that are not financial in nature
3
Q
Participation Rate
A
The proportion of the population of working age who are in employment or seeking work
4
Q
Minimum Wage
A
A government-set minimum wage rate below which firms are not allowed to pay
5
Q
Maximum Wage
A
A policy under which employers face a wage ceiling, being prohibited from paying a wage above a set level
