8.3 Labour forces - (A-Level Econs)

PPT covering content of Unit 8.3:

8.3 Labour market forces and government intervention
8.3.1 demand for labour as a derived demand
8.3.2 factors affecting demand for labour in a firm or an occupation
8.3.3 causes of shifts in and movement along the demand curve for labour in a firm or an occupation
8.3.4 marginal revenue product (MRP) theory:
• definition and calculation of marginal revenue product
• derivation of an individual firm’s demand for labour using marginal revenue product
8.3.5 factors affecting the supply of labour to a firm or to an occupation:
• wage and non-wage factors
8.3.6 causes of shifts in and movement along the supply curve of labour to a firm or an occupation
8.3.7 wage determination in perfect markets:
• equilibrium wage rate and employment in a labour market
8.3.8 wage determination in imperfect markets:
• influence of trade unions on wage determination and employment in a labour market
• influence of government on wage determination and employment in a labour market using a national
minimum wage
• influence of monopsony employers on wage determination and employment in a labour market
8.3.9 determination of wage differentials by labour market forces
8.3.10 transfer earnings and economic rent:
• definition of transfer earnings
• definition of economic rent
• factors affecting transfer earnings and economic rent in an occupation

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