Topic 19: Incomes

Content

A) Personal Income

• Money Income and Real Income
• Types of Personal Income
• The Distribution of Household Income
• Income and Wealth
• Marketable Wealth
• The Distribution Household of Wealth

B) Wages

• Meaning
• Types of Wages

           

C) Wage Differentials

• Meaning
• Demand for Labour
• Supply of Labour
• Equilibrium Wage Rate
• Backward Bending Supply Curve of Labour
• Wage Differentials within an Occupation
• Wage Differentials between Occupations
• Wage Differentials between Sectors
• Mobility of Labour and Wage Differentials

D) Trade Unions

• Aims
• Types
• Claiming for Higher Wages
• How Trade Unions raise wages
• Government and Wages
• Transfer Earnings and Economic Rent