key terms - labour market Flashcards
demand for labour
the number of workers that firms are willing and able to hire at a given wage
kinked supply curve for labour
a diagram that illustrates how trade unions bargain up wage rates above the free market wage rate
trade unions
an organisation which aims to protect the interests of its workers members
factor market
the place where resources are traded at particular prices
perks/fringe benefits
additional services/items that can be quantified in terms of money that are parts of an employees remuneration package
savings accounts
occurs when a person stores part of their current income for future spending
supply for labour
refers to everyone in an economy who is of working age and is willing and able to work at different wage rates
disposable income
the amount of income a person has available to spend on goods and services after deductions such as income tax
occupational mobility
thus refers to the ability of labour to switch between different occupations
pension fund
a pool of funds built up during a persons working life that are then drawn in retirement as a source of income
overtime payment
income which is derived from working additional hours beyond that stated in an employment contract
derived demand
labour is not demanded for itself, but the goods and services it is used to produce
minimum wage rate
the lowest legal amount a firm can pay its workers, set by the government
dividend
rewards received by shareholders linked to the value of their investment and allocated from a firms profit
employment
the state of having paid work, or being self employed
