Unit 6.5 And 6.6 Flashcards
1
Q
What is disutility
A
Something that decreases your utility
2
Q
What is UIF
A
If you lose your job you can claim stipend from department of labour
3
Q
What is the monetary value of unemployment called
A
Reservation wage
4
Q
What is the labour discipline model
A
Models interaction between employer and employee where the employer wants to determine a wage that would bring out the most efficient level of effort from employee
5
Q
Why is the labour discipline a sequential game
A
Employer chooses a wage
Employee chooses effort based on that
