Karteikarten
Labour markets | Micro
Karten in diesem Stapel (15)
- 1What is the definition of a "Trade Union"?• A Trade Union is where workers combine to negociate better pay and working conditions
- 2What is Union Power decided by?• Union power is decided by the union density (% of workers) and legislation at that time
- 3In what 3 significant ways did the government reduce the power of Trade Unions between 1979-1997?• Making secondary picketing illegal
• Legal strikes require secret ballots of workers
• Made closed shop agreement illegal - 4What does the term "Closed Shop Agreement" mean?• It is a situation where a Trade Union controlled the supply of labour to a market. Workers would not be able to work in that industry without begin apart of that Trade Union
- 5What does the term "Price Elasticity of Supply of Labour" (PES) mean? Give the formula.• The responsiveness of supply of labour to a change in wages (in % terms)
• (% chance in labour supplied) / (% change in wages) - 6What 4 things does Price Elasticity of Supply of Labour PES depend on?• The nature of skills required
• Length of the training period
• Vocation (non-monetary rewards & benefits)
• Time span (notice periods, training requirements) - 7What is a "Monopoly"?• One seller in a market
- 8What is a "Monopsony"?• One buyer in a market
- 9What four factors would lead to a "Perfect Labour Market"?• Many buyers and sellers of labour
• Labour is homogenous (all people are the same)
• There is perfect information and mobility
• There is no government intervention - 10Why do high-skilled workers have low PES?High Skills:
• High skilled workers are in shorter supply, so low PES
• Higher skills have greater demand so firm's are willing to pay more
• Surplus Specialisation - 11Why do low skilled workers have high PES?Low Skills:
• Lower skilled workers are more plentiful so high PES
• For employers to attract more of them, they need to lower wage
• Lack of specialisation - 12Give two benefits of a gov implementing minimum wage.• Consumer spending increases (AD boosts)
• Encourages innovation
• Living standards increase
• Reduces inequality/exploitation
• Anti-monopsonists - 13Give two drawbacks of a gov implementing minimum wage.• Inflation (demand-pull & cost-push)
• Unemployment increases
• UK exports less competitive
• FDI - why invest in a high wage economy - 14What 4 factors does the elasticity of Demand of Labour depend on?• Ease of substitute
• Time span
• Elasticity of the product (derived demand)
• % labour to total cost - 15What is the difference between Supply of Labour and Demand of Labour?• Supply of labour is the willingness of a worker to work, demand of labour is the amount of workers demanded/needed by firms
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- A level Economics (Microeconomics) Karteikarten am Labour markets | Micro, erstellt von Joel Baxter am 01/02/2024.
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- Joel Baxter
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