The Demand for Labour Is Described as a Derived Demand

question 240

Multiple Choice

The demand for labour is described as a derived demand because

• A)it is derived by workers seeking to earn income to fund the consumption of goods and services.
• B)it is derived by producers seeking to make profits by starting new businesses.
• C)it is derived from the demand for products that use labour in the production process.
• D)it is derived from government institutions which rely on labour markets for the purpose of raising tax revenue.

Recognize the importance of narrative and humanist views in understanding personality.

Comprehend the role of the id, ego, and superego in personality development and behavior.

Recognize Freud's psychosexual stages of development and their impact on personality.

Identify and understand various defense mechanisms and their psychological implications.

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Definitions:

Physical Capital

Assets used in the production process that are tangible, such as buildings, machinery, and equipment.

Social Overhead Capital

Publicly funded infrastructure that supports economic activity, such as highways, schools, and hospitals.

Human Capital

The skills, knowledge, and experience possessed by an individual or population, viewed in terms of their value or cost to an organization or country.

Flood Embankments

Structures built near rivers or coastlines to prevent or reduce the risk of flooding in adjacent land areas; typically earth or concrete barriers.