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Definition
Answer
Occurs when the demand for a good or service is determined by the demand for another good or service.
Derived Demand
The addition to total revenue arising from the employment of one additional unit of labour.
Marginal Revenue Productivity (MRP)
The number of hours people are willing and able to supply to that particular occupation at any given wage rate.
The Supply of Labour to a Particular Occupation
A market structure with a single buyer.
Monopsony
An organised association of workers in a particular trade, profession or industry. It is formed to protect and further the rights and interests of its members.
A Trade Union
Exists when there is a single buyer and a single seller of a good or service.
Bilateral Monopoly
An hourly wage rate set by the government, which represents the minimum wage that an employer must pay workers above a certain age.
National Minimum Wage
Exists when an employer pays a women or a person from a minority group less than the wage paid to a man for 'equal work'.