general predicted economics paper 1
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12 Terms
Wage differentials - advantages and disadvantages with evaluation
Labour demand curve shifts
Other than PST give one other factor of elasticity of labour demanded
Elasticity of demand for the product → more inelastic, can pass in costs
(Time → SR harder to find subs)
Individual labour supply curve (backward bending)
Labour supply curve (market + firm)
Shifts of the labour supply curve (7)
Elasticity of the labour supply curve
Characteristics of a perfectly competitive labour market
Wage differentials and labour market imperfections
Monopsony - labour market impact + graph
Trade unions - labour market impact (graph)
Trade union in a monopsony labour market
Increases wage + employment in monopsony
Power of monopsony is measured by difference in wage and D = MRP
EV: bigger the difference, bigger the improvement
