Statistics for Economics: Topic 4, Year 2 Definitions

Click here to take the quiz!

Definition	Answer	% Correct
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	75%
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	75%
Occurs when the demand for a good or service is determined by the demand for another good or service.	Derived Demand	50%
A market structure with a single buyer.	Monopsony	50%
Exists when there is a single buyer and a single seller of a good or service.	Bilateral Monopoly	25%
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'.	Wage Discrimination	25%
The addition to total revenue arising from the employment of one additional unit of labour.	Marginal Revenue Productivity (MRP)	0%
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	0%