Labour Markets notes

24 notes by 12 users

This GoConqr page gathers Labour Markets notes on topics from labour supply and demand to trade unions and mobility. It is for school students, university students and professional candidates practising these topics, and teachers looking for ready-made material. There are over 20 notes spanning school and university study. Pick a note to start exploring.

Select topic

Supply Curve for Labour and the Economy (Movements Along and Shifts) INDIVIDUAL BACKWARD BENDING SUPPLY CURVE FOR LABOUR If W* is £10 per hour x 40 hours per week, monthly earnings are £400 If wage is doubled to £20 hours per hour one would work 20 hours to achieve their target level o... samyajahangir
Revision of Labour Markets The Demand for Labour The demand for labour is the firms demanding workers, which is derived from the demand for their good or service Firms want to maximise profits and to do this they will need to employ labour to p... Zoe WATKINS
General Notes for Factor Markets Factor Markets For an individual firm, demand for labor is known as Marginal Revenue Product (MRP). This can also be known as the Value of Marginal Product of Labor (VMPL). This slopes downward because Marginal Physic... Robert Ssendagala
Revision of Labour Market Imperfections Imperfections in the Labour MarketFactors which make the labour market not perfectly competitive1. Trade Unions2. Monopsony3. Discrimination4. Difficulty in measuring productivity5. Wage variety according to geographi... Zoe WATKINS
Notes Employment and Work Work is an activity that requires effort. For example doing your homework or washing dishes is work Work that is carried out for payment is called employment The difference between the two is that ... Tosin Denloye
Causes of Labour Market Failure and Trade Unions LABOUR MARKET FAILURE occurs when the labour market fails to achieve an efficient allocation of the scarce resource of labour and productive and allocative inefficiency exist. This leads to the outcomes of unemploymen... samyajahangir
Labour Market Economics Labour Costs for Airlines flight and cabin crew expenses often second largest category after fuel in the past even the larges focus on cost reduction new labour agreements outsourcing though some "scope clauses" (e.g.... Enes Ogul
Human Capital Theory HUMAN CAPITAL: the value of the productive potential of an individual/group of workers. It is made up of the skills, talents, education and training of an individual or group and represents the value of future earning... samyajahangir
The impact of Migration on EU Directives on the UK Labour Markets and EU Diretives IMMIGRATION movement of foreign nationals into the UKEMIGRATION movement of UK citizens out of the UKEUROPEAN UNION free movement of labour, capital and enterprise between member countriesEconomic migrants move from o... samyajahangir
Equal Net Advantage to Occupations - Pecuniary and Non-Pecuniary Benefits If all labour had equal ability and mobility and all jobs had equal non-monetary advantages and disadvantages, then the earnings of labour would tend to be equal in all occupations Labour would move from one occupatio... samyajahangir
Increasing Labour Market Failure FLEXIBLE LABOUR MARKET a market which the supply of labour is broadly responsive to a change in the demand for labourINCREASED LABOUR MARKET FLEXIBILITY CAN BE ACHIEVED IN A NUMBER OF DIFFERENT WAYS:- OCCUPATIONAL MOB... samyajahangir
Specification Content The Demand for Labour and The Marginal Productivity Theory The demand for a factor (labour) is derived from the demand for the product The marginal productivity theory of the demand for labour The demand curve for lab... Zoe WATKINS
MRP and Derived Demand for Labour DERIVED DEMAND: for labour means that labour isn't demanded for its own sake but for the output it produces. Therefore the greater the demand for the product the greater the demand for the labour required to produce i... samyajahangir
The Existence of Bilateral Monopoly, Imperfect Information and Discrimination BILATERAL MONOPOLY situation where the sole supplier of labour (TU) operates in an industry with the sole demander for labour (monopsonist)Where the eventual wage is set in relation to market clearing wage under perfe... samyajahangir
The Labour Market THE DEMAND CURVE FOR LABOUR: Wage rate - price of labour Wage rate and demand inversely relatedde FACTOS AFFECTING THE DEMAND FOR LABOUR: Derived demand - demand for labour derived from demand for goods and services C... Aarushi Jain
Elasticity of Demand for Labour ELASTICITY OF DEMAND FOR LABOUR: A numerical measure of the responsiveness of demand for labour following a change in price in the real wage DETERMINANTS OF THE WAGE ELASTICITY OF DEMAND FOR LABOURELASTIC DEMAND FOR L... samyajahangir
Labour immobility, Segmented Labour Markets, Skills Shortages and Measuring the Consequences of Labour Market Failure LABOUR IMMOBILITYGeographical immobility due to social ties, imperfect information and stamp duty lead to regional unemployment whilst occupational immobility due to a skills mismatch will lead to structural unemploym... samyajahangir
Are workers being displaced by technology? - created from Mind Map Why? Brynjolfsson and MacAfee give an explanation: TECHNOLOGY Brian Arthur's "Autonomous economy" David Autor's "Polarization of the workforce" Sofía Sierra Vás
Untitled Market forces- determine wages in a labour marketwage differentials are the differences in wages between different groups of workers or between workers in same occupationReasons why differentials exist:-workers who ar... Paige Waller
Demand for Labor Jake Derry
Economic Rent and Transfer Earnings TRANSFER EARNINGS represents the minimum payment required to keep a factor of production eg labour in its present useECONOMIC RENT any payment over and above transfer earnings The proportion of total earnings which is... samyajahangir
trade unions TRADE UNIONS: The introduction of trade unions has resulted in these key benefits: reduced discrimination in the workplace higher pay superior working conditions DISADVANTAGE: by demanding wages that are above the mar... Sadia Monjur
Mobility of Labour Geographical Mobility of LabourEase of moving/relocating to another place for a job. Language barriers may effect this Occupational MoLAbility to transfer skills to another jobSkills may affect this New Page christian525
CHAPTER 9 NOTES albetix

More Labour Markets resources

All Labour Markets resources Quizzes 28 Mind maps 211 Flashcards 96

About labour markets notes

GoConqr Original

What the Labour Markets notes cover

These notes take different routes through the unit. Revision of Labour Markets introduces demand for labour, while General Notes for Factor Markets discusses a firm's demand for labour and marginal revenue product. A separate note explores the backward-bending supply curve for labour with an example involving wages and hours worked.

For more focused reading, try Human Capital Theory or Economic Rent and Transfer Earnings. Other notes cover trade unions, labour market failure and mobility of labour.

How to revise with notes

Start with Revision of Labour Markets if you want a starting point on demand, then read a focused note on a topic you need to practise. After reading, write a short summary in your own words and return to the note to check it. If you want a visual overview, switch to a mind map on the unit page; use a quiz when you are ready to test your understanding. Choose a topic and see which note fits your revision.

Frequently asked questions

Which note is a good place to start?

Revision of Labour Markets is a useful starting point for labour demand: it explains that firms demand workers because of the demand for their goods or services. For a more focused topic, Human Capital Theory covers skills, education and training as part of productive potential.

Are these notes free to use?

Yes. Every resource listed here is free to open and study without an account. The notes were made by GoConqr users. A free account also lets you save quiz scores and make your own quizzes, mind maps, flashcards and notes.

Which levels and exams do these notes suit?

The collection includes resources for school and university study, and can also be used by professional candidates reviewing labour market topics. Listed resources mention A-level Economics, Leaving Certificate Economics, GCSE Economics and AP Microeconomics. Check each note against the topic you are studying.