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Description
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Term
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A set of measures designed to promote competition in markets and protect consumers in order to enhance the efficiency of markets
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Competition Policy
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The sector in which most trade union members work
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Public Sector
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The additional cost to a firm of adding an additional unit of labour, such as wages and hiring costs, etc.
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Marginal Cost of Labour
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The most common type of public-private partnership, launched in 1992, where the private sector designs, builds, finances, and operates an asset and associated service for the public sector in return for an annual performance based payment over around 25-30 years, after which said asset becomes state property
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Private Finance Initiative (PFI)
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Those two supermarkets the merger of which was blocked by the Competition and Markets Authority as it would have reduced competition and consumer choice and likely lead to price rises in both groceries and fuel, alphabetically
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Asda and Sainsbury's
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The degree of responsiveness of the supply of labour to changes in the wage rate
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Wage Elasticity of Supply for Labour
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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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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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Organisations of businesses and other employers that represent and promote the interests of their members
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Employers' Organisations
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That type of market in which market failure is principally causes by geographic immobility, occupational immobility, and monopsony power
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Labour Market
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Description
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Term
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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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That type of market structure which might lead to competition rather than collusion where firms are of equal market share and especially where the market is not growing, allowing firms to expand only at another's expense
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Oligopoly
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Demand from employers who want to hire workers to do a job
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Demand for Labour
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Where a regulator monitors a firm or industry to ensure certain standards are met, such as the quality of drinking water
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Quality Standards
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Those which are supported as they provide flexibility to workers and ensure employers do not pay for labour they do not need, but criticised for giving no job security or guaranteed income and for calling people into work at short notice
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Zero Hour Contracts
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That opposite of a minimum wage which in the EU takes the form of a bonus cap of 100% of salary or 200% with shareholder approval
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Maximum Wage
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That which governments often try to reduce in the public sector by encouraging public-private partnership (PPP)
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X-Inefficiency
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An EU employers' organisation that promotes business interest to ensure EU policy supports the European market and economy, of which the UK if one of 35 member countries
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Confederation of European Business (BusinessEurope)
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That group which has criticised regulators as they often see them as being too harsh, frequently underestimating costs, overestimating possible efficiency gains, and impeding their ability to effectively plan long term
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Firms
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Those which the government tries to protect by providing grants, loans, and tax incentives, training or apprenticeship schemes, and advice and support such as via the Business Support Helpline
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Small Businesses
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