565166
Description
Mind Map by usman ahmed, updated more than 1 year ago
|
Created by usman ahmed
almost 11 years ago
|
|
Chapter 8 -
The labour
market: wage
determination
- demand and supply
- wage will differ with
different elasticities of
supply and demand, D &
S determines T.E and
E.C
- economic
rent - the
amount
above their
transfer
earnings.
- Transfer
earnings(normal
pi) - the
minimum price a
unit of labour will
work for
- economic
rent - the
amount
above their
transfer
earnings.
- wage will differ with
different elasticities of
supply and demand, D &
S determines T.E and
E.C
- Trade union
- can set a
minimum price
(trade union mark
up)
- creates unemployment
- creates unemployment
- In a competitive
labour market
- in a monopsonistic labour
market
- bi lateral monopoly
- can increase
wages and
employment from
that offered by
monopsony
- bi lateral monopoly
- can increase
wages and
employment from
that offered by
monopsony
- can set a
minimum price
(trade union mark
up)
- wage differentials
- demand and
supply -
different
elasticities
- bargaining strength of
trade union, e.g. BMA
strong vs cleaner weak
- perceived MRP, higher
barristers, important service
- Between groups
- Skilled vs unskilled
- higher demand(MRP) +
inelastic/lwoer of skilled
- t.u. more
effective with
skilled
- skilled harder to replace with
capital, unskilled easier
- higher demand(MRP) +
inelastic/lwoer of skilled
- male vs female
- female second
earners, can work
for less
- part time
because of no
childcare, too
expensive
- women dont aim for top paid
jobs, OR no women in a top
paid market
- deskilled over time due to
pregnancy, lose pay
increments when on
childcare/maternity leave
- implemented
laws not
effective, s.d act 1975
- perceived MRP
lower for
women, thus
lower demand
- female second
earners, can work
for less
- minority vs majority
- workers from
minority groups are
less qualified on
average
- minority workers
concentrated in
low paid jobs
- MRP perceived to be lower
- different aspirations
- workers from
minority groups are
less qualified on
average
- Part time vs Full time
- part time seen as less committed so
given lower pay, also training less
likely to be given to part time workers
so lower productivity (MPP)
- high proportion of part time
workers are women
- take less responsibility
- f.t. workers
have more
opportunities
to gain pay
increases.
- part time seen as less committed so
given lower pay, also training less
likely to be given to part time workers
so lower productivity (MPP)
- Skilled vs unskilled
- demand and
supply -
different
elasticities
- discrimination
- positive - perceive the MRP to be higher than it really is
- perceive the MRP to be lower than it really is
- positive - perceive the MRP to be higher than it really is
Want to create your own Mind Maps for free with GoConqr? Learn more.