F583 Market failure... 4.0 / 5 based on 2 ratings ? EconomicsMarket failureGovernment intervention in marketsA2/A-levelOCR Created by: faatimahCreated on: 01-04-14 09:08 Monopsonist a single buyer 1 of 12 Oligopolist one of a few dominant buyers 2 of 12 Bilateral monopoly a market with a single buyer and seller 3 of 12 Disequilibrium unemployment unemployment caused by the aggregate supply of labour exceeding the aggregate demand for labour 4 of 12 Equilibrium unemployment unemployment that exists where the labour market is in equilibrium 5 of 12 Non-accelerating inflation rate of unemployment (NAIRU) the level of unemployment that exists when the labour market is in equilibrium; also called equilibrium unemployment 6 of 12 Geographical immobility of labour barriers to the movement of workers between different areas 7 of 12 Occupational immobility of labour barriers to workers changing occupations 8 of 12 Gini coefficient used to make international comparisons of income inequality. It is found by using a lorenz curve 9 of 12 Lorenz curve a diagram commonly used to illustrate income or wealth distribution, named after the American statistician Max Otto Lorenz 10 of 12 Absolute poverty the inability to purchase the basic necessities of life 11 of 12 Dependency rate proportion of the population who are too young, too old or too sick to work and so who are reliant on the output of those who are working 12 of 12
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