Workers Flashcards
1
Q
Wage factors
A
Financial rewards that workers receive for labor services
2
Q
Non wage factors that influence workers choice of occupation
A
- experience required
- education required
- danger involved
3
Q
Demand for labor
A
No of workers that firms are willing to pay at given wage rate
4
Q
Derived demand
A
Labor is demanded for producing good and services
5
Q
Supply for labor
A
Everyone in the working economy that’s of working age and willing to work at diff wage rates
6
Q
Labor force participation rate
A
Percentage of working population that is working
7
Q
Equilibrium wage rate
A
When demand for labor equals to supply for labor
8
Q
Relative bargaining power
A
Ability of workers to negotiate for higher wages
9
Q
National minimum wage
A
Lowest legal amount a firm can pay workerd
10
Q
Adv of nmw
A
- workers not exploited
- unemployed ppl have incentives to work
11
Q
Disadv of nmw
A
Unemployment in economy
