LABOR MARKET

31問 • 2年前

問題一覧

Refers to the supply of and demand for labor, for which employees provide the supply and employers provide the demand.

LABOR MARKET

The place where workers and employees interact with each other. In the labor market, employers compete to hire the best, and the workers compete for the most satisfying job.

LABOR MARKET

the willingness and ability to work specific amounts of time at alternative wage rates in a given time period, ceteris paribus

LABOR SUPPLY

The increasing _________ of labor as leisure time declines.

OPPORTUNITY COSTS

The decreasing _________ of income as a person works more hours.

MARGINAL UTILITY

Higher wages represent more goods and services and thus induce people to substitute labor for leisure.

BACKWARD BEND

An increased wage rate encourages people to work more hours (to substitute labor for leisure).

SUBSTITUTION EFFECT OF WAGES

An increased wage rate allows a person to reduce hours worked without losing income.

INCOME EFFECT OF WAGES

the total quantity of labor that workers are willing and able to supply at alternative wage rates in a given time period, ceteris paribus

MARKET SUPPLY

We use the concept of ______ to measure the movements along the labor- supply curve resulting from wage rate changes.

ELASTICITY

the percentage change in the quantity of labor supplied divided by the percentage change in wage rate

ELASTICITY OF LABOR SUPPLY

A workers responsiveness to wage changes is often constrained by institutional constraints such as specified work hours such as 8-5 shifts.

INSTITUTIONAL CONSTRAINTS

the quantity of labor employers are willing and able to hire at alternative wage rates in a given time period, ceteris paribus

LABOR DEMAND

The quantity of resources purchased by a business depends on the firm’s expected sales and output.

DERIVED DEMAND

is the demand for labor and other factors of production resulting from (depending on) the demand for final goods and services produced by these factors

DERIVED DEMAND

function shows the relationship between inputs and outputs

PRODUCTION FUNCTION

the total product produced by each combination of labor and the fixed amount of capital

TOTAL PRODUCT

the change in total product associated with the addition of one more unit of labor

MARGINAL PRODUCT

the total product divided by the number of units of labor

AVERAGE PRODUCT

the change in total output associated with one additional unit of input

MARGINAL PHYSICAL PRODUCT

the change in total revenue associated with one additional unit of input

MARGINAL REVENUE PRODUCT

sets and upper limit to the wage rate an employer will pay

MARGINAL REVENUE PRODUCT

the additional cost associated with the use of an additional unit of labor

MARGINAL FACTOR COST

The marginal physical product of labor eventually declines as the quantity of labor employed increases.

DIMINISHING MPP

the marginal physical product of a variable factor declines as more is employed with a given quantity of other (fixed) inputs

LAW OF DIMINISHING RETURNS

The intersection of the market supply and demand establishes the equilibrium wage.

EQUILIBRIUM WAGE

the wage at which the quantity of labor supplied in a given time period equals the quantity of labor demanded

EQUILIBRIUM WAGE

To determine whether to hire a worker or use a machine, a firm compares the ratio of the marginal physical products to their cost.

COST EFFICIENCY

the amount of output associated with an additional dollar spent on input- the MPP of a product divided by its price (cost)

COST EFFICIENCY

specific combination of resources used to produce a good or service

PRODUCTION PROCESS

The choice of a production process for any given rate of output.

EFFICIENCY DECISION

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