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Description
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Term
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Those the density of which have decreased from covering one third of all workers in 1995 to below one quarter
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Trade Unions
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That type of policy which is often aimed at addressing monopolies, mergers, the reduction of x-inefficiency and deadweight loss, and the encouragement of allocative efficiency
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Competition Policy
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That which determines the affect on total employment of trade unions successfully negotiating a higher wage rate
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Wage Elasticity of Demand for Labour
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That the purpose of which is to protect workers from exploitation, alleviate poverty, prevent voluntary unemployment by making work pay, and encourage firms to invest in training to increase productivity
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National Minimum Wage
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Those two supermarkets the merger of which was blocked by the Competition and Markets Authority as it would have reduced competition and consumer choice and likely lead to price rises in both groceries and fuel, alphabetically
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Asda and Sainsbury's
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The degree of responsiveness of the demand for labour to changes in the wage rate
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Wage Elasticity of Demand for Labour
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Practices aimed at reducing competition
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Restrictive Practices
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That aspect of labour which is most affected by time (such as that taken to retrain, or in notice required to be given by an employment contract), and the ease with which the workforce can expand or contract such as due to unemployment, skills shortages, etc.
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Wage Elasticity of Supply for Labour
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The number of people willing and able to sell their factor of labour to employers
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Supply of Labour
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The proportion of the population of working age people whom are in employment or seeking work
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Participation Rate
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That which has kept the wage rate for low skilled jobs low as there is greater supply of those who will work for less, while those working illegally have no means of redress
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Migration
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A theory that the demand for labour depends upon balancing the marginal revenue product of labour against the marginal cost of labour
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Marginal Productivity Theory
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That which if increased, may cause an income effect encouraging leisure consumption as an individual receiving a higher income will have more to spend on leisure
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Wage Rate
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That which has been criticised for not taking into account regional variations, leaving opportunities for employers to bypass it (such as a piecework rate), not being targeted enough to tackle poverty, potentially causing unemployment by reducing demand for labour, and possibly harming small businesses and competitiveness
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National Minimum Wage
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That which has been criticised as where the public sector can borrow more cheaply it raises costs, and it focuses more heavily on efficiency and low costs than it does on quality
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Private Finance Initiative (PFI)
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A restrictive practice whereby firms supply products subject to the condition that they are sold at recommended prices
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Resale Price Maintenance
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That type of wage the effect of which depends on price elasticity of demand, wage elasticity of demand for labour, the stage of the economic cycle, whether it encourages increased productivity, and the amount of time over which it is set
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Minimum Wage
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That, the benefit of which the that it can improve the financing of public sector projects, and allows for risk to be shared between the public and private sectors, hopefully allowing for gains in efficiency
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Private Finance Initiative (PFI)
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Where jobs are available as are people willing and able to take them, but the jobs and people face a geographic or occupational disconnect
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Labour Immobility
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The two biggest trade unions in the UK, respectively
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Unison and Unite
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