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Theme 3 > Labour market > Flashcards

Labour market Flashcards

1
Q

What are wage differentials?

A

Differences in wages between workers of the same skill set

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2
Q

What is derived demand?

A

The demand for the Labour comes from the demand for the good that it produces

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3
Q

Why is there a downwards sloping Labour demand curve?

A

Short term - Capital is fixed so there is no choice but to employ workers
Long term - All factors are variable they can employ workers

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Theme 3 (6 decks)

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