• Shuffle
    Toggle On
    Toggle Off
  • Alphabetize
    Toggle On
    Toggle Off
  • Front First
    Toggle On
    Toggle Off
  • Both Sides
    Toggle On
    Toggle Off
  • Read
    Toggle On
    Toggle Off
Reading...
Front

Card Range To Study

through

image

Play button

image

Play button

image

Progress

1/18

Click to flip

Use LEFT and RIGHT arrow keys to navigate between flashcards;

Use UP and DOWN arrow keys to flip the card;

H to show hint;

A reads text to speech;

18 Cards in this Set

  • Front
  • Back
The civilian labour force
The sum of those either working or looking for work.
Participation rate
The ratio of the labour force to the population in working age.
Non-institutional civilian population
people 16 years of age and older who are not inmates of institutions (penal, mental facilities, homes for the aged), and who are not on active duty in the army.
Unemployment rate
The ratio of the unemployment to the labour force.
Non-employment rate
The ratio of population minus employment to population.
Collective bargaining
Bargaining between firms and unions.
Reservation wage
The wage that would make them indifferent between working or being unemployed.
Transfer earnings
The minimum earnings required for a unit of labour to stay in its present use.
Economic rent
Earnings over and above a worker's transfer earnings
Bargaining power
Depends on two factors:
- The nature of the job
- The labour market conditions.
Efficiency wage theories
-Theories that link the productivity or the efficiency of workers to the wage they are paid.
Wage determination
W = PeF(-u,+z)

Pe = The expected price level
u = The unemployment rate
z = A catchall variable
Real wages
W/P
Production function
- The relation between the inputs used in production and the quantity of output produced.
- Y = AN

Y = Output
A = Labour productivity
N = Employment
Price determination
P = (1+µ)W

P = Price
µ = Markup of the price over the cost of production.
(Mark-up as depending on the degree of competition in the product market)
The natural rate of unemployment
The equilibrium unemployment 
F(u, z) = 1/(1+µ)
The equilibrium unemployment
F(u, z) = 1/(1+µ)
Wage-setting relation
W/P = F(-u, +z)
- A negative relation between the real wage, W/P, and the unemployment rate.
Price-setting relation
W/P = 1/(1+µ)