Part 1.4: The labour market

Derived demand

Marginal physical product of labour

Marginal revenue product of labour

Elasticity of demand for labour

Substitution effect

Income effect

Net advantage

Elasticity of supply of labour

Average cost of labour

Marginal cost of labour

Monopsony

Monopsony power

Occupational immobility of labour

Geographical immobility of labour

Trade union

Collective bargaining

National minimum wage

National living wage

Wage discrimination