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21 Cards in this Set
- Front
- Back
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an increased wage rate encourages people to work more hours (to substitute labor for lesure)
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substitution effect of wages
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an increased wage rate allows a person to reduce hours worked without losing income.
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income effect of wages
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the total quantity of labor that workers are willing and able to supply at alternative wage rates in a given time period
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market supply of labors
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the percentage change in the quantity of labor supplied divided by the percentage change in wage rate
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elasticity of labor supply
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the quantities of labor employers are willing and able to hire at alternative wage rates in a given time period
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demand for labor
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the demand for labor and other facotrs of production results from the demand for final goods and services produced by these factors
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derived demand
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the change in total output associated with one additional unit of input
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marginal physical product
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the change in total revenue associated with one additional unit of input.
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marginal revenue product
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the marginal physical product of a variable factor declines as more of it is employed with a given quantity of other (fixed) inputs
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law of diminishing returns
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the wage rate at which the quantity of labor supplied in a given time period equals the quantity of labor demanded
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equilibrium wage
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the amount of output associated with an additional dollar spent on input divided by its price (cost)
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cost efficiency
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a specific combination of resources used to produce a good or service
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production process
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the choice of a production process for any given rate of output
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efficiency decision
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the highest wage an individual would earn in his or her best alternative job
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opportunity wage
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-----are the demanders of labor
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firms
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------are the suppliers of labor
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people
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there is no unemployment in a particular labor market when???
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labor market is in equilibrium
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the federal minimum wage increased to ------ on what date?
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$5.85 07-24-07
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when will the minimum wage increase again and to what price?
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july 24 2008 6.55
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the minium wage will reach what on july 24th 2009
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7.25
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how many people worked for federal mw in 2006
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1.7 million people 1.18 percent
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