WDW101Y1 Chapter Notes - Chapter 3: Demand Curve, Language Barrier, Monopsony
9 Jun 2013
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Document Summary
Within a decade or two, there simply will not be enough workers in the country . The supply of labour force is facing shortage due to the retirement of the baby boon generation and the low fertility rate, including current level of immigration. Great recession: a serious downturn in the economy around late 2008 characterized by very low or negative growth and high unemployment triggered by the financial collapse in 2007, the worst since the great depression of the 1930s. Macroeconomic policy ( a policy that applied to economy-wide goals, such as inflation, unemployment, and growth) with the respect to the liberalization of markets has been the most important single influence on ir. Globalization has resulted in greater mobility of capital and increase in the flow of goods and services and increase in worldwide competition between firms and nations. Elasticity of supply/ demand: the labour responsiveness of supply/ demand caused by a change in the wage rate.
