Chapter 12 - Labor Markets and Labor Unions
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Last updated 10:52 PM on 4/12/22
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6 Terms
1
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nonmarket work
refers to time spent getting an education or on do- it- yourself production for personal consumption.
2
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Nonmarket work
________ includes time spent washing laundry, preparing a meal, or cleaning up after yourself.
3
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Nonmarket labor
________ also includes time spent learning new skills and expanding your knowledge to increase your productivity.
4
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market wage
The ________ is determined by both labor demand and labor supply, just as both blades of scissors contribute equally to cutting paper.
5
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Nonmarket labor
________ includes either directly producing products and services, such as creating your own, or indirectly producing goods and services.
6
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Leisure
refers to the time spent on non-work activities