Improving the Flexibility of Labour Markets

question 47

Multiple Choice

Improving the flexibility of labour markets

• A)can worsen the rights of employees.
• B)makes it easier to hire and fire labour.
• C)results in less ridged labour markets.
• D)All of the above.

Recognize the factors that cause shifts in demand and supply curves.

Distinguish between normal goods, inferior goods, and substitutes.

Identify the impact of price changes on quantity demanded and supplied.

Analyze the effects of consumer income changes on demand for goods.

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Definitions:

Property

Assets or belongings that are owned by individuals or entities and have value in an economic context, including real and personal property.

Competitive Forces

The external factors in an industry that influence the competitive environment and affect business strategies, including competition, potential new entrants, substitute products, bargaining power of suppliers, and bargaining power of customers.

Operational Efficiency

The ability of an organization to minimize input costs while maximizing the level of output or production.

Overproduction

occurs when production exceeds the demand for a product, often leading to surplus and potential waste.