Chapter 12 - Labor Markets and Labor Unions

nonmarket work

refers to time spent getting an education or on do- it- yourself production for personal consumption.

Nonmarket work

________ includes time spent washing laundry, preparing a meal, or cleaning up after yourself.

Nonmarket labor

________ also includes time spent learning new skills and expanding your knowledge to increase your productivity.

market wage

The ________ is determined by both labor demand and labor supply, just as both blades of scissors contribute equally to cutting paper.

Nonmarket labor

________ includes either directly producing products and services, such as creating your own, or indirectly producing goods and services.

Leisure

refers to the time spent on non-work activities