Archives: Terms

Definition of Labor Union A labor union, also known as a trade union, is an organization formed by workers in a particular industry or occupation to protect and advance their collective interests. Labor unions negotiate collective bargaining agreements with employers to secure better wages, working conditions, benefits, and job security […]

Definition of Labor Theory of Value (LTV) The Labor Theory of Value (LTV) is an economic theory that suggests the value of a good or service is determined by the amount of labor required to produce it. According to this theory, the more labor-intensive a product is, the more valuable […]

Definition of Labor Productivity Labor productivity refers to the amount of output that is produced per unit of labor input. It measures the efficiency and effectiveness of labor in generating goods or services. Labor productivity is often used as a key performance indicator for businesses and economies, as it can […]

Definition of Labor Market Flexibility Labor market flexibility refers to the ease with which employers can adjust the quantity and quality of their workforce in response to changing market conditions. It encompasses various factors, such as the ease of hiring and firing workers, the ability to adjust working hours and […]

Definition of Labor Market The labor market is the place where workers and employers interact to negotiate and determine employment terms. It is a marketplace where individuals who are seeking employment (employees) meet with businesses and organizations that are looking to hire workers (employers). The labor market encompasses all types […]

Definition of Labor Intensive Labor-intensive refers to a production process or industry that requires a significant amount of labor, in comparison to capital, to produce goods or services. In labor-intensive industries, human effort and manual labor play a primary role in the production process. Example An example of a labor-intensive […]

Definition of Kondratiev Wave The Kondratiev Wave, also known as the long wave or the K-wave, is a theory that suggests that capitalist economies experience long-term cycles of economic growth and decline. These cycles typically last between 40 and 60 years and are characterized by periods of expansion and prosperity, […]

Definition of Kondratieff Wave The Kondratieff Wave, also known as the K-wave or long wave, is a pattern observed in the economic cycles over a long period of time. It was named after Soviet economist Nikolai Kondratieff, who first identified this cycle in the 1920s. The Kondratieff Wave suggests that […]

Definition of KOF Economic Barometer The KOF Economic Barometer is an indicator of the overall economic performance and outlook for Switzerland. It is published monthly by the Swiss Economic Institute (KOF) and provides valuable insights into the current and future state of the Swiss economy. Example To illustrate the use […]

Definition of Knowledge Economy The knowledge economy refers to an economic system where the creation, acquisition, and application of knowledge and information play a significant role in the production and distribution of goods and services. In the knowledge economy, intellectual capital, innovation, and human capital are considered vital factors for […]