wage curve

  • 1wage curve — UK US noun [countable] [singular wage curve plural wage curves] business a line on a graph that shows the relationship between the average pay for workers in a region or industry and the rate of unemployment in that region or i …

    Useful english dictionary

  • 2Wage curve — The wage curve is the term used to describe the negative relationship between the levels of unemployment and wages that arises when these variables are expressed in local terms. According to David Blanchflower and Andrew Oswald (1994, p. 5), the… …

    Wikipedia

  • 3wage curve — UK / US noun [countable] Word forms wage curve : singular wage curve plural wage curves business a line on a graph that shows the relationship between the average pay for workers in a region or industry and the rate of unemployment in that region …

    English dictionary

  • 4Phillips curve — The Phillips curve is a historical inverse relation between the rate of unemployment and the rate of inflation in an economy. Stated simply, the lower the unemployment in an economy, the higher the rate of increase in wages paid to labor in that… …

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  • 5Minimum wage — A minimum wage is the lowest hourly, daily or monthly remuneration that employers may legally pay to workers. Equivalently, it is the lowest wage at which workers may sell their labour. Although minimum wage laws are in effect in a great many… …

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  • 6Backward bending supply curve of labour — This supply curve shows how the change in real wage rates affects the amount of hours worked by employees.Referring to the graph, if real wages were to increase from W1 to W2 then the worker will obtain a greater utility, due to their higher… …

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  • 7Cost curve — In economics, a cost curve is a graph of the costs of production as a function of total quantity produced. In a free market economy, productively efficient firms use these curves to find the optimal point of production (minimising cost), and… …

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  • 8Laffer curve — In economics, the Laffer curve is used to illustrate the idea that increases in the rate of taxation may sometimes decrease tax revenue. Since a 100 percent income tax will generate no revenue (as citizens will have no incentive to work), the… …

    Wikipedia

  • 9Phillips curve — [fil′ips] n. [also P C ] a curve illustrating a theoretical inverse relationship between rates of unemployment and of inflation * * * Graphic representation of the inverse relationship between the rate of unemployment and the rate of change in… …

    Universalium

  • 10backward-sloping supply curve for labour — The preference for increased leisure over increased remuneration. Thus, when wage incentives are offered to improve productivity , labourers respond by working shorter hours to earn the same money rather than harder or longer to earn more money.… …

    Dictionary of sociology