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Description
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Term
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That which might encourage government to oppose monopolies as if a firm faces domestic competition it will incentivise it to increase productive efficiency, making it more competitive globally
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Globalisation
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Benefits offered to workers by firms that are not financial in nature (such as training, job security, etc), effecting an individual's labour supply and potential job choice
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Non-Pecuniary Benefits
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A restrictive practice whereby firms supply products subject to the condition that they are sold at recommended prices
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Resale Price Maintenance
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That which the government tries to tackle by funding training, education, and apprenticeships, such as the apprenticeship levy, a tax paid by employers with an annual pay bill over £3 million, allowing them to access apprenticeship funding
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Occupational Immobility of Labour
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Those workers which were sometimes employed in greater numbers as they had fewer work benefits compared to full-time workers, until the government close such a loophole by equalising employment benefits
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Part-Time Workers
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That which might be decreased by setting a minimum wage, as it may raise workers' purchasing power and thus demand for goods and services, incentivising increased production ceteris paribus
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Unemployment
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That which the government tries to tackle through Regional Policy, which provided incentives such as grants or loans to firms that move to areas of high unemployment, often criticised for being too low and now threatened as much funding comes via the EU Regional Policy Framework
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Geographic Immobility of Labour
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That which would decrease with a fall in the equilibrium price for the product it produces ceteris paribus
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Demand for Labour
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Those, membership of which has declined due to restrictive legislation (such as regards industrial action), an increase in flexible (part time, etc.) labour markets, deindustrialisation, and globalisation
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Trade Unions
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That which can be seen as being the opportunity cost of leisure
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Wage Rate
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That which if increased, may cause an income effect encouraging leisure consumption as an individual receiving a higher income will have more to spend on leisure
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Wage Rate
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Where regulators set the pricing system (usually only of variable costs) of privatised industries at the change in the Retail Price Index minus the possible productivity gain (X) in terms of average costs, criticised for it being difficult to determine the value of X and for X possibly being achieved by reducing quality
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RPI - X
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A theory that the demand for labour depends upon balancing the marginal revenue product of labour against the marginal cost of labour
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Marginal Productivity Theory
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The idea that the structure of a market in terms of the number of firms, determines how said firms conduct themselves, which in turn determines how well the market performs in achieving productive and allocative efficiency
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Structure-Conduct-Performance Paradigm
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That type of good which can be seen as a substitute for labour
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Capital Goods
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That which was done to some natural monopolies such as power, water, and rail in the 1980's due to criticism of their pricing systems and a severe lack of accountability on behalf of the managers to consumers
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Privatisation
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That which assumes that there is not cost difference between market structures, in reality refuted by the presence of economies of scale
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Structure-Conduct-Performance Paradigm
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The relationship between price elasticity of demand and wage elasticity of demand for labour ceteris paribus
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Direct
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The additional output produced by a firm increasing its labour input by one unit (such as one more person-hour) holding capital constant, and subject to the law of diminishing returns
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Marginal Physical Product of Labour (MPPL)
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The extent to which demand for a product or service can be substituted for another if price is increased
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Demand Side-Substitutability
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