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Relative Wage Rates
The comparison of wages paid to different groups of workers in a labor market.
Imperfectly Competitive Labour Market
A labor market where either employers or workers have the power to influence wage rates.
Monopsony Power
The market power held by a single buyer (or employer) in the labor market to set wages.
Trade Unions
Organizations that represent the collective interests of workers regarding their pay and working conditions.
Monopsony
A market structure where there is a single buyer or a dominant buyer of labor.
Occupational Immobility
The inability of workers to move between jobs due to skills mismatch.
Geographical Immobility
The inability of workers to move to different locations for work.
Discrimination in Labor Markets
When workers are treated differently in hiring, wages, or employment opportunities based on non-job-related factors.
Imperfect Information
When all parties in a market do not have complete or accurate knowledge about market conditions.
Symmetric Information
A situation where all participants in a transaction have access to the same relevant information.
Asymmetric Information
A situation where one party in a transaction has more information than the other, leading to inefficiencies.
Minimum Price Control
A legal minimum wage rate set above the equilibrium wage to protect workers' earnings.
Collective Bargaining
The negotiation process between unions and employers to establish wages and working conditions.
Market Equilibrium
The point where the quantity of labor supplied equals the quantity of labor demanded.
Marginal Revenue Product (MRP)
The additional revenue generated from employing one more unit of labor.
Wage Rate
The amount paid to workers per hour, day, or piece of work.
Supply Curve
A graph showing the relationship between the price of a good and the quantity supplied.
Wage Rate Discrimination
The practice of paying workers differently based on criteria unrelated to their job performance.
Labour Market Failure
A situation where the labor market does not allocate resources efficiently, leading to employment issues.
Skill Shortages
A situation where employers cannot find workers with the necessary skills for available jobs.
Misallocation of Resources
An inefficient distribution of resources that results in wasted potential and reduced productivity.
Economic Well Being
The overall financial health and standard of living of individuals or groups in the economy.
Union Bargaining Power
The strength or influence that a trade union has in negotiations over pay and working conditions.
Employer’s Marginal Cost
The additional cost incurred by an employer to hire one more worker.
Empirical Evidence
Information acquired by observation or experimentation that supports or contradicts economic theories.
Monopsonist
A single buyer in the labor market who can influence wage rates.
Employment Level
The total number of people employed in the labor market at any given time.
Trade Union Role
To protect worker interests, negotiate pay, and enhance working conditions.
Impact of Unions
An increase in wage rates and employment levels due to collective bargaining.
Labour Demand
The quantity of labor that employers are willing to hire at given wage rates.
Labour Supply
The total number of workers available to work at given wage rates.
Price Rigidity
The condition where prices do not adjust quickly to changes in supply and demand.
Labour Market Regulation
Government policies that set rules guiding labor market transactions.
Area of Employment
The specific region or sector in which a person works.
Wage Differentials
The difference in wages between different groups of workers, reflecting differences in skill, location, or job type.
Disciplinary Procedures
Processes established by employers to address employee misconduct or performance issues.
Job Security
The assurance that an employee will keep their job without the risk of being made redundant.
Union Representation
The act of having a trade union advocate on behalf of workers during negotiations.
Wage Setting Practices
Methods employers use to determine how much to pay their workers.
Efficiency Wage Theory
The theory suggesting that higher wages may lead to increased worker productivity.
Market Correction
The process by which the market self-adjusts to eliminate excess supply or demand.
Productivity
The measure of how efficiently production inputs are converted into outputs.
