The Labour Market
Gbogbo ọrọ náà
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.
Ebumnobi
- 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
Akọmọ Ojú-ẹkọ
Ọ dị na ngwa Green Bridge
Budata ngwa Green Bridge CBT na ekwentị maọbụ kọmputa gị iji nweta akwụkwọ ndụmọdụ zuru oke, ajụjụ mmụta, na ndị ọzọ.
Ayẹwo Ẹkọ
Ekele diri gi maka imecha ihe karịrị na The Labour Market. Ugbu a na ị na-enyochakwa isi echiche na echiche ndị dị mkpa, ọ bụ oge iji nwalee ihe ị ma. Ngwa a na-enye ụdị ajụjụ ọmụmụ dị iche iche emebere iji kwado nghọta gị wee nyere gị aka ịmata otú ị ghọtara ihe ndị a kụziri.
Ị ga-ahụ ngwakọta nke ụdị ajụjụ dị iche iche, gụnyere ajụjụ chọrọ ịhọrọ otu n’ime ọtụtụ azịza, ajụjụ chọrọ mkpirisi azịza, na ajụjụ ede ede. A na-arụpụta ajụjụ ọ bụla nke ọma iji nwalee akụkụ dị iche iche nke ihe ọmụma gị na nkà nke ịtụgharị uche.
Jiri akụkụ a nke nyocha ka ohere iji kụziere ihe ị matara banyere isiokwu ahụ ma chọpụta ebe ọ bụla ị nwere ike ịchọ ọmụmụ ihe ọzọ. Ekwela ka nsogbu ọ bụla ị na-eche ihu mee ka ị daa mba; kama, lee ha anya dị ka ohere maka ịzụlite onwe gị na imeziwanye.
- 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
Ọ dị na ngwa Green Bridge
Budata ngwa Green Bridge CBT na ekwentị maọbụ kọmputa gị iji nweta akwụkwọ ndụmọdụ zuru oke, ajụjụ mmụta, na ndị ọzọ.
Ọ dị na ngwa Green Bridge
Budata ngwa Green Bridge CBT na ekwentị maọbụ kọmputa gị iji nweta akwụkwọ ndụmọdụ zuru oke, ajụjụ mmụta, na ndị ọzọ.
Àwọn Ìwé Tó Dáa Láti Kà
Meecha Ajụjụ Ule Ọmarịcha
Ị chọrọ ime ajụjụ ule ọmarịcha gbasara The Labour Market? Budata ngwa Green Bridge CBT iji nweta ajụjụ ule ọmarịcha na nyocha zuru ezu gbasara isiokwu a.
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