The Damnd For Labour Flashcards
(4 cards)
1
Q
What is derived demand
A
Demand for labour that results from the demand from a good or service
2
Q
What is marginal physical product of labour
A
Additional unit brought by employing one or more worker
3
Q
What is marginal revenue product of labour?
A
Marginal revenue created due to an addition of one unit of resource.
4
Q
What is the elasticity of demand for labour
A
How responsive changes in demand for labour is to changes in wage rate
