Chapter 12 - Labor Markets and Labor Unions

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7 Terms

1
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resource supplier

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

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Nonmarket work

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

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Nonmarket labor

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

4
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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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term leisure

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

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Nonmarket labor

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

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Leisure

refers to the time spent on non-work activities