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Edexcel Economics 8. Government Intervention in Markets

In this quiz the answers change every time you play! Guess the terms that fit these definitions
Answer must correspond to highlighted box!
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Last updated: January 17, 2020
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First submittedJanuary 17, 2020
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Description
Term
Demand from employers who want to hire workers to do a job
Demand for Labour
A market for the services of the factor of production of labour
Labour Market
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
Maximum Wage
That body which most trade unions are members of
Trades Union Congress (TUC)
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
Non-Pecuniary Benefits
Where the profits made by firms are regulated such as by limiting the permitted rate of return
Profit Regulation
Where a practice or event results in a significant decrease in competition
Substantial Lessening of Competition (SLC)
That aspect of labour which is most affected by time (such as that taken to retrain, or in notice required to be given by an employment contract), and the ease with which the workforce can expand or contract such as due to unemployment, skills shortages, etc.
Wage Elasticity of Supply for Labour
The sector in which most trade union members work
Public Sector
That industry in which historic deregulation has been heavily criticised for resulting in no action being taken to restrain banks in the lead up to the Great Recession
Financial Services
That which determines the affect on total employment of trade unions successfully negotiating a higher wage rate
Wage Elasticity of Demand for Labour
The number of people willing and able to sell their factor of labour to employers
Supply of Labour
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
Geographic Immobility of Labour
Practices aimed at reducing competition
Restrictive Practices
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
Wage Rate
That aspect of labour which can be affected by the presence of friends and family, the ease of moving house, the ease of searching for jobs further afield, immigration law, the number of working people in a household, the cost of living, whether the household has children in school, etc.
Geographic Immobility of Labour
Organisations of businesses and other employers that represent and promote the interests of their members
Employers' Organisations
The wage rate at which the total quantity of labour supplied in a market equals the total quantity of labour demanded by firms in said market
Market Wage Rate
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
Privatisation
That, the presence of which in monopoly markets, affects government intervention, as where it is greater such as due to weak barriers to entry or low sunk costs then a firm cannot set price above average cost without causing hit-and-run entry, reducing the need for intervention
Contestability
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