The labour market

Proportionate change in demand for labour following a change in the wage rate.

A higher hourly wage rate results in workers substituting labour for leisure.

There is only one buyer in a market.

When workers are unwilling or unable to move from one type of job to another.

Demand for a factor of production which is a consequence of the demand for something else.

Proportionate change in the supply of labour following a change in the wage rate.

The addition to a firm’s total output brought about by employing one more worker.

The sum of the monetary and non-monetary benefits of working.

Total wage costs divided by the number of workers employed.

The money value of the addition to a firm’s total output brought about by one more worker.