Term
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Definition
| A factor market in which individuals supply labor services for wages to other individuals and to firms that need (demand) labor services. |
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Definition
| How much a person will change his or her hours worked in response to a change in wage. |
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Definition
| The demand factors of production by firms, which depends on consumers' demands. |
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Definition
| Labor that involves high degrees of organizational skills, concern, oversight responsibility, and creativity. |
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Term
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Definition
| A market with only a single seller and a single buyer. |
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Term
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Definition
| A market in which a single firm is the only buyer. |
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Term
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Definition
| The additional cost to a firm of hiring another worker. |
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Term
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Definition
| A reduction in the workforce |
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Term
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Definition
| Wages paid above teh going market wage to keep workers happy and productive |
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Term
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Definition
| Laws mandating comparable pay for comparable work. |
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Term
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Definition
| Firms where the union controls hiring |
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Term
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Definition
| Firms in which all workers must join the union. |
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