Monopsony

• What is a Monopsony?

  There is one buyer and many sellers. Occurs when a firm has market power in employing factors of production (e.g. labour).
• What is the gig economy?


   refers to the segment of the labour market which concentrates on short-term / temporary jobs and contracts.
• Features of a gig economy

  • Workers on zero hour contracts
  • People self-employed.
  • Workers paid for limited contracts
  • People having more than one source of income.