In labor markets , households offer to sell their labor services when the payment they expect to receive exceeds the value of the [...] they must forgo.
In labor markets , households offer to sell their labor services when the payment they expect to receive exceeds the value of the [...] they must forgo.
In labor markets , households offer to sell their labor services when the payment they expect to receive exceeds the value of the [...] they must forgo.
Answer
leisure time
If you want to change selection, open original toplevel document below and click on "Move attachment"
Parent (intermediate) annotation
Open it In one type of factor market, called labor markets , households offer to sell their labor services when the payment they expect to receive exceeds the value of the leisure time they must forgo. In contrast, firms hire workers when they judge that the value of the productivity of workers is greater than the cost of employing them. A major source of household in
Original toplevel document
2. TYPES OF MARKETS fact may seem obvious, but it is fundamental to our understanding of markets. If a buyer values something more than a seller, not only is there an opportunity for an exchange, but that exchange will make both parties better off.
<span>In one type of factor market, called labor markets , households offer to sell their labor services when the payment they expect to receive exceeds the value of the leisure time they must forgo. In contrast, firms hire workers when they judge that the value of the productivity of workers is greater than the cost of employing them. A major source of household income and a major cost to firms is compensation paid in exchange for labor services.
Additionally, households typically choose to spend less on consumption than they earn from their labor. This behavior is called saving , through which households can accum
Summary
status
not learned
measured difficulty
37% [default]
last interval [days]
repetition number in this series
0
memorised on
scheduled repetition
scheduled repetition interval
last repetition or drill
Details
No repetitions
Discussion
Do you want to join discussion? Click here to log in or create user.