Term
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Definition
| a factor market in which individuals supply labor services for wages to other individuals and to firm that need(demand) labor services |
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Term
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Definition
| how much a person will change his or her hours worked in response to a change in wage rate |
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Definition
| the higher the wage, the higher the quantity of labor supplied |
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Term
| labor force participation rate |
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Definition
| the number of people employed or looking for work as a percentage of people able to work |
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Term
| Wage to Hours worked In United States |
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Definition
| as wages rose more people worked less hours because they had more money to spend on leisure |
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Term
| Why wage to hours has changed |
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Definition
| leisure is different than before/ more things made to save time, as well as other leisure activities that cost more money than conversation. |
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Term
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Definition
| Because the money they make is worth the risk, tax free, and has a better chance of advancement than the average minimum wage job |
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Term
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Definition
| lower incentives to work-take home less money, lose welfare money |
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Term
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Definition
| the higher the wage, the lower the quantity of labor demanded |
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Term
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Definition
| the demand for factors of production by firms, which depends on consumers demands |
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Definition
| labor that involves high degrees of organization skills, concern, oversight responsibility, and creativity |
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Term
| technology and demand for labor |
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Definition
| Technology has increased output, and therefore demand has increased because you need more people for more output as well as people to run and maintain these machines |
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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 market in which a single seller faces a single buyer |
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Term
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Definition
| wages paid above the 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
if it is costly to the firm, then they will find ways around it so that they can be profit maximizing.
If it has nothing to do with the firm, descrimination is useless because it can cost the firm money when they don't hire better workers |
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Term
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Definition
| firms where 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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Term
| Share distribution of income |
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Definition
| is the relative division of total income among income groups |
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Term
| socioeconomic distribution of income |
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Definition
| the allocation of income among relevant socioeconomic groupings |
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Term
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Definition
| geometric representation of the share distribution of income among families in a given country at a given time |
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Term
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Definition
| the income below which a family is considered to live in poverty |
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