5 terms

Microeconomics Chapter 13 Wage Determination

wage rate
The price paid per unit of labor services
nominal wage
The amount of money received per hour, day, or year
real wage
The quantity of goods and services a worker can obtain with nominal wages
Country with the highest hourly wages of production workers
purely competitive labor market
A market in which numerous firms compete with one another in hiring a specific type of labor; each of many qualified workers with identical skills supplies that type of labor; individual firms and individual workers are "wage takers" since neither can exert any control over the market wage rate