Work And Leisure Flashcards
(10 cards)
Economically inactive
Working age people who are neither in employment, nor unemployment, and so are not part of the labour force
Labour force participation rate
The proportion of working people who are economically active
Employment rate
The proportion of working age people who are in work
Unit labour costs
The cost of labour per unit of output (including the social costs of employing labour as well as the wage costs)
Productivity
How much of a good is produced per unit of input
Leisure
Time spent on preferred activities away from work and maintenance tasks
Market concentration ratio
The percentage share of the market of a given number of firms
Outsourcing
Subcontracting part of the production process to another firm
Offshoring
Transferring part of the process to another country. The production may be outsourced or may be undertaken by the firm but in another country
Earnings
Wages plus overtime pay, bonuses and commission
