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5. Labour Markets

Micro

TermDefinition
Productivity output per worker per unit of time
Unit Labour Costs the cost of labour per unit of output
Economic Rent income earned which is more than transfer earnings
Transfer Payments welfare payments from the government to provide a minimum standard of living for those on low incomes
Bilateral Monopoly where there is only one buyer and one seller in the market
Collective Bargaining negotiation between employers and a collective group of employees
Geographical Mobility of Labour the ease and speed at which labour can move from one area to another
Individual Bargaining negotiation between a single employee and the employer
Labour Force all those who are economically active; those people who are in work or are actively seeking work
Labour Market Flexibility the willingness and ability of labour to respond to changes in market conditions
Living Wage the wage the government believes is necessary to cover the basic cost of living; paid to everyone over 25
Maximum Wage a ceiling wage which people can't earn above
Minimum Wage a floor wage which people can't earn below
Monopsony a single buyer in the market
Occupational Mobility of Labour the ease and speed at which labour can move from one type of job to another
Productivity Bargaining an agreement where employees agree to make changes which improve productivity in order to receive higher wages
Trade Unions an organisation that protects the rights and pay of workers through a process of collective bargaining
Wage Differentials when different workers are paid different amounts
Working Population those who are economically active (the labour force)
Transfer Earnings the minimum reward that is needed to keep labour in the current occupation
Created by: 19thomps
 

 



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