Theme 3 Flashcards
(7 cards)
1
Q
Derived demand
A
Comes from the demand from something else
2
Q
Profit maximisation =
A
Marginal cost = marginal revenue
3
Q
Formula for MRPL
A
Marginal product of labour x marginal revenue
4
Q
Evaluation for MRP
A
measuring labour efficiency/productivity can be difficult
Collaborative work makes it difficult to establish the productivity of individual workers
5
Q
Factors influencing the demand for labour
A
Wage rate
Demand for products
Productivity of labour
Profibility of firms
Subsitivtes
Number of buyers of labour
6
Q
Demand for labour
A
Shows the amount of workers a business is willing to employ at a given wage rate
7
Q
A
