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ECON 3240 (2)
Chapter

Labour Economics ch1-6.docx

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Department
Economics
Course
ECON 3240
Professor
Helmar Drost
Semester
Winter

Description
Labour Economics Ch. 1 Scarcity – limitation of a society’s resources (society had to decide how much to spend) Opportunity Cost – value of the best forgone alternative when a decision is made Command Economy – an economy in which the decisions about resource allocation are made by the state Free-market economy – an economy in which the decisions about resource use are made by private households and firms Mixed Economy – a combination of the command system and the free market system Utility – the satisfaction or well-being a household receives from consuming a good or service Profit – the difference between revenues and costs Marginal Cost – the additional cost resulting from doing something Marginal Benefit – the additional benefit Internal labour market – personnel policy of firms by which job openings are filled from within the ranks of firm’s own employees Positive Statement – a statement about how the world is Normative Statement – a statement about how the world ought to be Chapter 2 Fordism – a mass production system that combines a small group of highly skilled managers and technically trained personnel with a workforce having relatively low educational attainment and vocational skills organized in a vertical hierarchy Toyotism – an organizational model involving flexible management forms of semi-independent groups linked laterally rather than vertically Market – the interaction of buyers and sellers, in which a price is established and a product or service exchanged Labour market – the interaction of buyers and sellers of labour services Wage rate – the price of an hour of work established in the labour market Income effect – the effect of changes in price on how much a consumer can buy with a given income Substitution effect (demand) – changes in price encourage consumers to substitute one product for another Law of downward-sloping demand – there is an inverse relationship between the price and the quality demanded Demand curve – a graph of the relationship between the price of a good and the quantity demanded Change in demand – a shift in the demand curve resulting from a change in a factor, other than the price, that influences the demand for a product of service Change in the quantity demanded – a movement along the demand cure in response to a change in the price of the product or service Short run – a period of time during which at least one factor of production remains fixed Long run – a period of time during which all factors of production can be changed Diminishing returns – additional output decreases as a result of hiring one more worker, when other factors are fixed Supply curve – a graph of the relationship between the price of a good and the quantity supplied Change in supply – a shift in the supply curve resulting from a change in a factor, other than the price, that influences the supply of a product or service Change in the quantity supplied – a movement along the supply curve in response to a change in the price of the product or service Surplus – a situation in which the quantity demanded by consumers is less than the quantity supplied Shortage – a situation in which quantity demanded is greater than quantity supplied Equilibrium price – the price at which the quantity demanded equals the quantity supplied Price Elasticity of demand – the responsiveness of quantity demanded to a change in price Price Elasticity of Supply – the responsiveness of quantity supplied to a change in price Circular Flow Model – a visual model of the economy that shows how goods and services and money flow between households and firms via markets Factors of production – the inputs used to produce goods and services (labour, land and capital) Factor Market – the market in which factors of production are exchanged Product market – the market in which goods and service are exchanged Derived Demand – the demand for workers is derived from the demands for goods and services Stock variable – a variable whose quantity is measured at a given point in time Flow Variable – a variable whose quantity is measured per unit of time Demand for labour – the stocks of job vacancies and employed workers Supply of labour – the stocks of employed and unemployed workers Globalization – the integration of countered through growth in foreign trade and investment Chapter 3 Canada Labour Code – labour standards and practices for industries that fall under federal jurisdiction, and for their employers and employees Severance Pay – a lump-sum payment to an employee upon termination of employment Employment equity – all barriers to employment have been removed and equitable treatment of employees exists Union density – ratio of the number of employees belonging to a union to the total number of paid employees Chapter 4 Labour force – the number of people who are either employed or unemployed Employed – a person who works for pa
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