Chapter 12 - Labor Markets and Labor Unions

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7 Terms

1

resource supplier

As a(n) ________, you have a labor supply curve for each of your labor's numerous possible applications.

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2

Nonmarket work

________ includes time spent washing laundry, preparing a meal, or cleaning up after yourself.

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3

Nonmarket labor

________ also includes time spent learning new skills and expanding your knowledge to increase your productivity.

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4

market wage

The ________ is determined by both labor demand and labor supply, just as both blades of scissors contribute equally to cutting paper.

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5

term leisure

The ________ refers to the time spent on non- work activities.

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6

Nonmarket labor

________ includes either directly producing products and services, such as creating your own, or indirectly producing goods and services.

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7

Leisure

refers to the time spent on non-work activities

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