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4 Cards in this Set
- Front
- Back
- 3rd side (hint)
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the labour market
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it is a market for one of the factors of production. in the labour market, the price of labour is the wage rate
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labour is a derived demand because without it goods and services could not be produced
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factors affecting the demand for labour
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-price for labour
-price of other factors of production -the price of other workers e.g. lower rates in China compared to England -New tech; machines cab replace workers -increased efficiency -demand for the product |
there's six
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factors affecting the supply of labour
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-natural population change
-migration -income tax and national insurance; these taxes reduce wage rates e.g if the marginal tax rate is 50% there is less incentive for workers to work than if it was 10% -welfare benefits e.g. high unemployment benefits=incentive for unemployed to take longer to find job -trade unions |
there's five
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trade unions
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organisations which represent workers and aim to increase the welfare of workers
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