Examlex
The value chain is used by
Unskilled Workers
Workers who possess no special skills or training and typically perform simple tasks that require minimal prior experience.
Backward-Bending
Describes a labor supply curve reflecting a situation where higher wages lead to a decrease in labor supplied because individuals opt for leisure over work.
Labor Supply Curve
A graphical representation showing the relationship between the different levels of wages and the quantity of labor workers are willing to supply.
Income Effect
A person’s willingness to give up some income in exchange for more leisure time.
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