1.6 What determines the wage rate for labour in a market?

Monday, May 20, 2013

What students need to learn:

Students should be able to:
Additional Guidance Notes
Demand and supply of labour
Understand the factors which influence the demand and supply of labour.

Recognise that demand for labour is derived from the demand for the final product it makes (derived demand).

Understand that factors influencing the supply of labour include population migration, income tax and benefits,
government regulations (for example, national minimum wage) and trade unions.
Students are not expected to use marginal revenue productivity theory in explaining the demand for labour.

AS students are not required to use the backward sloping supply curve for labour and are not required to use monopsony

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