Labour Demand and Supply (HSC SSCE Economics): Flashcards
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Type of demand: labour
Type of demand: labour
Derived demand
Labour demand curve shape
Labour demand curve shape
Downward-sloping
Most important influence on labour demand
Most important influence on labour demand
Firm's output level
Economic growth & unemployment relationship
Economic growth & unemployment relationship
Inverse
Labour hoarding
Labour hoarding
Firms retain staff even during downturns
Aggregate demand components (acronym)
Aggregate demand components (acronym)
CIGX: Consumption, Investment, Govt spending, net eXports
Labour productivity formula
Labour productivity formula
Total output / Labour input
Labour on-costs
Labour on-costs
Leave, tax, super, workers' comp (beyond wages)
When labour demand is more elastic
When labour demand is more elastic
Easy substitution, high labour costs, can't pass costs on
Capital (in economics)
Capital (in economics)
Manufactured products used to produce goods & services