Work and Income flashcards

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What is meant by “Labor demand” in this lesson?Labor markets: Employers' demand for labor depends partly on the value labor adds to production.
What is meant by “Labor supply” in this lesson?Labor markets: Labor supply reflects workers' willingness and ability to work under offered conditions.
What is meant by “Derived demand” in this lesson?Labor markets: Derived demand for an input comes from demand for the output it helps produce.
What is meant by “Labor mobility” in this lesson?Labor markets: Mobility is workers' ability to change jobs, occupations, or locations.
What is meant by “Bargaining” in this lesson?Labor markets: Bargaining influences employment terms through negotiation and relative alternatives.
What is meant by “Monopsony” in this lesson?Labor markets: Monopsony describes buyer-side market power, including employer power in some labor markets.
What is meant by “Labor productivity” in this lesson?Productivity: Labor productivity measures output per unit of labor input.
What is meant by “Human capital” in this lesson?Productivity: Human capital includes productive knowledge and skills embodied in people.
What is meant by “Physical capital” in this lesson?Productivity: Physical capital includes produced tools and equipment used in production.
What is meant by “Technology” in this lesson?Productivity: Technology includes methods and knowledge for transforming inputs into outputs.
What is meant by “Productivity versus effort” in this lesson?Productivity: Productivity depends on tools, organization, and conditions as well as individual effort.
What is meant by “Distribution of gains” in this lesson?Productivity: Productivity gains can be allocated differently among workers, owners, and consumers.
What is meant by “Nominal wage” in this lesson?Wages and education: A nominal wage is pay expressed in current money units.
What is meant by “Real wage” in this lesson?Wages and education: A real wage adjusts nominal pay for a relevant price level.
What is meant by “Compensating differential” in this lesson?Wages and education: A compensating differential reflects pay differences associated with job attributes under a model.
What is meant by “Credential” in this lesson?Wages and education: A credential documents a qualification but does not measure every relevant skill.
What is meant by “Education return” in this lesson?Wages and education: An education return compares benefits with costs and alternatives, subject to uncertainty.
What is meant by “Selection and causality” in this lesson?Wages and education: Observed earnings differences may reflect selection as well as educational effects.