A level Economics (Unit 3) Flashcards on Labour Market, created by Sophie Knight on 04/04/2017.
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Created by Sophie Knight
over 7 years ago
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Created by Sophie Knight
over 7 years ago
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What is the concept of derived demand?
Name 4 things that would result in a leftward shift in the demand curve for labour
Give 4 examples of things that would cause a rightward shift of the supply curve for labour
What are the 4 factors that determine the wage elasticity of demand?
What are the 4 factors that determine the wage elasticity of supply?
What is marginal revenue product?
What are the 6 assumptions of MRP theory?
What are the 3 main evaluative points of marginal revenue product theory?
What 4. things could cause a rightward shift in the MRP curve?
What are 4 assumptions of a perfectly competitive labour market?
What are the characteristics of a diagram showing a perfectly competitive labour market?
What are the 3 main types of imperfectly competitive labour markets?
How is a trade union defined?
What effect is a trade union likely to have on wages and quantity employed of labour?
What 4 things would effect the power of a trade union?
What are 2 causes of the occupational immobility of labour?
What are 4 causes of the geographical immobility of labour?
What market failure is the government trying to correct by implementing a minimum wage?
The extent that a minimum wage leads to unemployment depends critically on what 3 factors?
Name 4 advantages of a minimum wage
Name 4 disadvantages of a minimum wage
What are 3 reasons for the implementation of a maximum wage?
Name 2 advantages of a maximum wage
Name 4 disadvantages of a maximum wage
What is the true shape of the supply of labour curve and why?
What is the theory of substitution in terms of the labour supply market?
What is the theory of income in terms of the labour supply market?
What are 3 non-monetary factors that effect the supply of labour?
