Firms
The value of a worker to the firm at the margin.
Marginal Revenue Product
Marginal Value Product
Value Marginal Product
Term we use to describe a household's decision of whether or not to be in the labour force.
Participation decision.
If capital makes a worker more productive, we say that capital and labour are ____________.
Complements
Term we use to describe a worker's alternative use of time.
Opportunity cost
An increase in demand for a firm's _________ will tend to increase its demand for labour.
Output
Name something other than the wage that might affect a household's decision of whether or not to work and how many hours to work.
Cost of childcare
Cost of the commute to work
Income tax rate
.........
The cost of a worker to a firm at the margin.
The wage.
What economists call time spent on non-market activities.
Leisure
In the labour market, firms are ___________ but in the goods' market, firms are ___________.
Demanders; Suppliers
In the labour market, households are __________ but in the goods' market, households are ___________.
Suppliers; Demanders