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4 Cards in this Set
- Front
- Back
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Higher productivity - |
in return for higher wages, shifts MRP (Demand) to the right. Higher MRP = higher wage without any job losses. |
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Partnership - |
Employers and workers working together. Modern unionism. Industrial relations. |
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Monopsony - |
Reduces the exploitation of workers - increases pay and employment when compared to monopsony. |
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Efficiency of wage hypothesis - |
When workers get paid more they have more incentive to work harder and keep their job - respect them more |
