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Ties worker compensation more closely to worker output/performance.

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Combination of inclusive unionism and monopsony model. In its pure form, there is 1 seller and 1 buyer.

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Unions that demand higher, above equilibrium wage rate. If companies do not meet these standards, employees will go on strike creating no supply of labor.

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Wages that must be paid to compensate for non monetary differences in various jobs

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The personal stock of knowledge, know-how, and skills that enable a person to be productive and earn income

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Labor force is made up of noncompeting workers that represent several occupations the members qualifies for.

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Hourly wage rates and annual salaries differ among occupations

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-Only a single buyer in a particular type of labor
-Workers have few employment options
-Firm is a wage maker, wage directly varies with the number of workers employed

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Piece Rates: Quality decreases while quantity increases
Commissions: Employees could not make enough of a wage.
Bonuses/Profit Sharing: May not be enough profit for them +freeloaders
Stock: Stock price could decrease.
Efficiency Wages: Shirking.

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-Numerous firms competing to hire a specific type of labor
-Qualified workers have identical skills
-Firms and workers are wage takers

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quantity of goods and services can obtain with nominal wages

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Employers want employees to work but employees don't.
Could be fixed through:
Piece Rates
Commission/royalties
Bonuses, Stock, Profit Sharing
Efficiency Wages

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The amount of money received per hour, day or year

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Used when a firm wants to produce a specific amount of output.
MPl/Pl=MPc/Pc

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When Elasticity is greater than 1, resource demand is elastic. When elasticity is less than 1, resource demand is inelastic

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MRP(L)=P(L), MRP(C)=P(P), MRP(L)/P(L)=MRP(C)/P(C)=1

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-Changes in Product demand
-Changes in Productivity
-Changes in the price of other resources

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The amount that each additional unit of a resource adds to the firm's total cost.

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-Money-income determination
-Cost minimization
-Resource Allocation
-Policy Issues

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The productivity of the resource in helping to create a good or service. And the market value or the price of the good or service it helps produce

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The demand for a resource is derived from the demand for the products that the resource helps to produce