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Lecture notes 3.5.3 Minimum Wage Legislation £7.49
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  2.  
  3. PEARSON (PEARSON)
  4.  
  5. Economics B
  6.  
  7. Unit 3 - The global economy

Lecture notes

Lecture notes 3.5.3 Minimum Wage Legislation
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These notes helped me get an A* in A Level Economics, covering all aspects of the specification, plus hints of real world context.

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  • June 15, 2023
  • 1
  • 2022/2023
  • Lecture notes
  • Paddingtion zinzombe
  • All classes

Subjects

  • 314 trade policy and trade negotiations
  • 322 asessing the diffeence of potential economi
  • 331 responding to global demand
  • 332 demand side factors in global market
  • 343 controlling mnc’s
  • 351 e

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3.5.3 Minimum Wage Legislation

 The minimum you can pay an employee
 Must be set above the free market price





 Minimum wage suggests that there is a fall in employment Q --> Q1
 Inelastic labour demand will mean a small contraction in demand for labour
o Less people will lose jobs
 Elastic labour demand will mean a larger contraction in demand for labour
o More people will lose their jobs
 No evidence in UK of rise in unemployment due to a rise in National Minimum Wage
 Skill Shortage impact on international competition
o Human capital is impotent for economic development
o Developing human capital skills will improve the economy
o Improve productivity more skilled the workforce is
o More productivity a country is lower labour unit cost
o Improve international competition
 Migration
o Migration within economies
 Workforces show greater flexibility
 Inequality and Incentives

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