8.3 Labour market forces and government intervention Flashcards
1
Q
Derived demand
A
where the demand for a good or service depends upon the use that can be made from it
2
Q
Marginal revenue product
A
the addition to total revenue as a result of employing one more worker
3
Q
Transfer earnings
A
the amount that is earned by a factor of production in its best alternative use
4
Q
Economic rent
A
a payment made to a factor of production above that which is necessary to keep it in its current use
5
Q
Monopsony
A
where there is a single buyer in a market
