The Labour Market
Aperçu
Behind every product on a shelf sits a market you rarely think about directly: the market for the people who made it. Businesses do not just buy raw materials and machinery, they buy labour, and like any other market, the labour market has its own demand, its own supply, and its own price, the wage rate.
In this lesson you will apply the demand and supply model you already know for goods to the market for workers, learn what makes the demand for labour rise or fall, what makes people willing to supply their labour, and how trade unions and government policy can push wages away from the level demand and supply alone would set. You will practise reading and describing labour market diagrams precisely, since this is exactly the skill Edexcel tests here.
Objectifs
- Factors affecting the demand for labour: demand for the final product (derived demand), availability of substitutes including machines, productivity of workforce
- Factors affecting the supply of labour: population size, migration, age distribution of population, retirement age, school-leaving age, female participation, skills and qualifications, ability to move geographic locations or move to different types of employment
- Importance of the quantity and quality of labour to business
- Impact of education and training on human capital and quality of labour
- The use of labour market diagrams showing supply of labour, demand for labour, market equilibrium wage and quantity of labour (employment), and effect of shifts in demand for labour and supply of labour
- Trade union involvement in the labour market: impact of trade union activity to improve working conditions and increase wages
Carte mentale
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Note de cours
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Évaluation de la leçon
Félicitations, vous avez terminé la leçon sur The Labour Market. Maintenant que vous avez exploré le concepts et idées clés, il est temps de mettre vos connaissances à l'épreuve. Cette section propose une variété de pratiques des questions conçues pour renforcer votre compréhension et vous aider à évaluer votre compréhension de la matière.
Vous rencontrerez un mélange de types de questions, y compris des questions à choix multiple, des questions à réponse courte et des questions de rédaction. Chaque question est soigneusement conçue pour évaluer différents aspects de vos connaissances et de vos compétences en pensée critique.
Utilisez cette section d'évaluation comme une occasion de renforcer votre compréhension du sujet et d'identifier les domaines où vous pourriez avoir besoin d'étudier davantage. Ne soyez pas découragé par les défis que vous rencontrez ; considérez-les plutôt comme des opportunités de croissance et d'amélioration.
- The demand for labour is described as a 'derived demand' because: A) It depends only on the wage rate B) It exists because of demand for the final product labour produces C) It is set entirely by government D) It never changes over time Answer: B
- Which of the following would shift the supply of labour curve to the right? A) A fall in the school-leaving age B) An increase in net migration into the country C) A rise in the retirement age being lowered D) A fall in female participation in the workforce Answer: B
- On a labour market diagram, the vertical axis shows: A) Quantity of labour B) The wage rate C) Total output D) The price of the final product Answer: B
- A trade union negotiates a wage above the market equilibrium. According to the basic labour market model, this is most likely to cause: A) A shortage of labour B) A surplus of labour (unemployment) C) No change in employment D) A fall in the wage rate Answer: B
- Which of the following is most likely to increase the demand for labour in a factory? A) A fall in consumer demand for the factory's product B) A rise in the cost of the machinery that substitutes for workers C) A fall in worker productivity D) An increase in the school-leaving age Answer: B
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Livres recommandés
Pour aller plus loin, ressources libres
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Section de manuel
Demand and Supply at Work in Labor Markets
Predict shifts in the demand and supply curves of the labor market
"Principles of Economics 2e: Demand and Supply at Work in Labor Markets" by OpenStax, OpenStax, Rice University, licensed under CC BY 4.0 (https://creativecommons.org/licenses/by/4.0/). Source: https://openstax.org/books/principles-economics-2e/pages/4-1-demand-and-supply-at-work-in-labor-markets. Access for free at https://openstax.org/books/principles-economics-2e/pages/1-introduction
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Section de manuel
Market Power on the Supply Side of Labor Markets: Unions
Explain the concept of labor unions, including membership levels and wages
"Principles of Economics 2e: Market Power on the Supply Side of Labor Markets: Unions" by OpenStax, OpenStax, Rice University, licensed under CC BY 4.0 (https://creativecommons.org/licenses/by/4.0/). Source: https://openstax.org/books/principles-economics-2e/pages/14-3-market-power-on-the-supply-side-of-labor-markets-unions. Access for free at https://openstax.org/books/principles-economics-2e/pages/1-introduction
Publiées par d'autres organisations sous licence libre, créditées comme elles le demandent. Les liens ouvrent leurs sites.
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