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Jamie used to be a worker in a paper mill in Miramichi,New Brunswick;however,globalization has resulted in the closure of most of the forest-related industries in that province.Now Jamie's job prospects are limited to searching for a much lower paying job in a call centre.What has happened to the job market since globalization commenced?
Economic Rent
The extra income earned by a resource over its opportunity cost.
Price of Gas
The cost per unit (usually per gallon or liter) of gasoline, which can vary based on factors like location, demand, and taxes.
Backward-Bending Labor Supply Curve
A labor supply curve that illustrates how an individual's supply of labor can decrease as wages increase beyond a certain point, due to the preference for leisure over income.
Substitution Effect
The change in consumption patterns due to a change in the relative prices of goods or services.
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