The Labour Market
Akopọ
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.
Awọn Afojusun
- 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
Àwòrán ọpọlọ
A ti ṣe àwòrán kókó yìí kí o lè rí bí àwọn èrò ṣe so pọ̀.
Ṣí àwòrán ọpọlọ nínú áàpù
Káàdì ìrántí
Ìdánrawò kíákíá lórí ohun tí wọ́n ń dán wò nínú kókó yìí.
Ṣe ìdánrawò káàdì wọ̀nyí nínú áàpù
Akọ̀wé Ẹ̀kọ́
Àkọsílẹ̀ Ẹ̀kọ́ Pípé wà lórí Ohun Èlò Green Bridge
Gba ohun èlò Green Bridge CBT sórí fóònù tàbí kọ̀mpútà rẹ fún gbogbo ilé ìkàwé IGCSE: ìwé ìdánwò àtijọ́, ìlànà ìdíwọ̀n, àwòrán èrò, káàdì ìkẹ́kọ̀ọ́ àti ẹ̀kọ́ ohùn.
Ìdánwò Ẹ̀kọ́
Oriire fun ipari ẹkọ lori The Labour Market. Ni bayi ti o ti ṣawari naa awọn imọran bọtini ati awọn imọran, o to akoko lati fi imọ rẹ si idanwo. Ẹka yii nfunni ni ọpọlọpọ awọn adaṣe awọn ibeere ti a ṣe lati fun oye rẹ lokun ati ṣe iranlọwọ fun ọ lati ṣe iwọn oye ohun elo naa.
Iwọ yoo pade adalu awọn iru ibeere, pẹlu awọn ibeere olumulo pupọ, awọn ibeere idahun kukuru, ati awọn ibeere iwe kikọ. Gbogbo ibeere kọọkan ni a ṣe pẹlu iṣaro lati ṣe ayẹwo awọn ẹya oriṣiriṣi ti imọ rẹ ati awọn ogbon ironu pataki.
Lo ise abala yii gege bi anfaani lati mu oye re lori koko-ọrọ naa lagbara ati lati ṣe idanimọ eyikeyi agbegbe ti o le nilo afikun ikẹkọ. Maṣe jẹ ki awọn italaya eyikeyi ti o ba pade da ọ lójú; dipo, wo wọn gẹgẹ bi awọn anfaani fun idagbasoke ati ilọsiwaju.
- 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
Ṣiṣẹ́ lórí àwọn ìbéèrè wọ̀nyí nínú ohun èlò náà
Ṣiṣẹ́ lórí àwọn ìbéèrè wọ̀nyí nínú ohun èlò náà
Awọn Iwe Itọsọna Ti a Gba Nimọran
Ẹ̀kọ́ síwájú láti àwọn orísun ṣíṣí
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Abala ìwé ẹ̀kọ́
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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Abala ìwé ẹ̀kọ́
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
Àwọn àjọ mìíràn ló tẹ̀ wọ́n jáde lábẹ́ ìwé àṣẹ ṣíṣí, a sì dá wọn lọ́lá bí wọ́n ṣe béèrè. Àwọn ìjápọ̀ ń ṣí ojú òpó wọn.
Ṣe Adaṣe Awọn Ibeere Idanwo Adaṣe
Ṣe o fẹ ṣe adaṣe awọn ibeere idanwo adaṣe nipa The Labour Market? Ṣe igbasilẹ ohun elo Green Bridge CBT lati wọle si awọn ibeere idanwo adaṣe ati awọn ayẹwo adaṣe kikun fun koko-ọrọ yii.
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