Set: Unemployment
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All 7 Terms
| | Term | Definition |
|---|---|---|
| |
First Reason | the time it takes to search for jobs that best suit tastes and skills |
| |
Second Reason | minimum wage laws |
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Minimum Wage Laws | raises wage of unskilled workers therefore raising the quantity of labor supplied and reduce the quantity demanded |
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Third Reason | Market power of unions, pushes union wages up and creates surplus of labor |
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Fourth Reason | theory of efficiency wages |
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Theory of Efficiency Wages | firms find it profitable to pay wages above equilibrium level. |
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High wages can... | improve worker health, lower worker quality, and increase worker effort |
Set Information
| Terms | 7 |
| Creator | phayx002 |
| Created | December 6, 2007 |
| Groups | None |
| Tags | None |
| Access | Anyone |
| Edit | Creator Only |
Description
Concepts