5.1 Demand for labour: Paper 1: OCR A-level Economics Revision and Macroeconomics

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Last updated 5:37 PM on 4/20/26
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5 Terms

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Labour Market

The labour market is a factor market. The supply of labour is determined by those who want to be employed (the employees), whilst the demand for labour is from employers.

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Demand

Demand is related to how productive labour is and how much the product is demanded.

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Elasticity of Demand

The elasticity of demand for labour is linked to how price elastic the demand for the product is.

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Nominal Wages

Nominal wages are the monetary value of wages. For example, if someone receives £10 per hour, their nominal wage is £10.

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Real Wages

Real wages are wages adjusted for inflation. If inflation is 2% then the real wage is £10 minus 2%.