Labour Party (UK)The Labour Party is a political party in the United Kingdom that has been described as an alliance of social democrats, democratic socialists, and trade unionists. The Labour Party sits on the centre-left of the political spectrum. In all general elections since 1922, Labour has been either the governing party or the Official Opposition. There have been six Labour prime ministers and thirteen Labour ministries. Since the 2010 general election, it has been the second-largest UK political party by the number of votes cast, behind the Conservative Party and ahead of the Liberal Democrats.
Labour market flexibilityThe degree of labour market flexibility is the speed with which labour markets adapt to fluctuations and changes in society, the economy or production. This entails enabling labour markets to reach a continuous equilibrium determined by the intersection of the demand and supply curves. Labour unions can limit labor market flexibility by negotiating higher wages, benefits, and better working conditions with employers.
Affirmative action in the United StatesAffirmative action in the United States consists of government-mandated, government-approved, and voluntary private programs granting special consideration to historically excluded groups, specifically racial minorities or women. The programs tended to focus on access to education and employment. The impetus toward affirmative action was redressing the disadvantages associated with past and present discrimination. Further impetus is a desire to ensure public institutions, such as universities, hospitals, and police forces, are more representative of the populations they serve.
Division of labourThe division of labour is the separation of the tasks in any economic system or organisation so that participants may specialize (specialisation). Individuals, organizations, and nations are endowed with or acquire specialized capabilities, and either form combinations or trade to take advantage of the capabilities of others in addition to their own. Specialized capabilities may include equipment or natural resources as well as skills. Training and combinations of equipment and other assets acting together are often important.
Affirmative actionAffirmative action, also known as positive action or positive discrimination (British English), involves sets of policies and practices within a government or organization seeking to include particular groups that were historically discriminated against based on their ethnicity in areas in which such groups are underrepresented, mistreated or suffer from lack of public support — such as education and employment.
Giffen goodIn economics and consumer theory, a Giffen good is a product that people consume more of as the price rises and vice versa—violating the basic law of demand in microeconomics. For any other sort of good, as the price of the good rises, the substitution effect makes consumers purchase less of it, and more of substitute goods; for most goods, the income effect (due to the effective decline in available income due to more being spent on existing units of this good) reinforces this decline in demand for the good.
