Economics: Topic 4, Year 2 Definitions

Occurs when the demand for a good or service is determined by the demand for another good or service.

The addition to total revenue arising from the employment of one additional unit of labour.

The number of hours people are willing and able to supply to that particular occupation at any given wage rate.

A market structure with a single buyer.

An organised association of workers in a particular trade, profession or industry. It is formed to protect and further the rights and interests of its members.

Exists when there is a single buyer and a single seller of a good or service.

An hourly wage rate set by the government, which represents the minimum wage that an employer must pay workers above a certain age.

Exists when an employer pays a women or a person from a minority group less than the wage paid to a man for 'equal work'.