Terms and concepts

Determinants of labor supply
Determinants of labor demand
1. Other wage rates	1. Product demand
2. Nonwage income	2. Productivity
3. Preferences for work versus leisure	3. Prices of other resources
4. Nonwage aspects of the job	4. Number of employers
5. Number of qualified suppliers

monopsonist is the only firm hiring this labor and hence faces the market labor supply curve

Gross Domestic Product (GDP) is the monetary value, in local currency, of all final economic goods and services produced in a country during a specific period of time.

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  The expenditure approach is the most commonly used GDP formula, which is based on the money spent by various groups that participate in the economy.