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Summary Labour Markets
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Labour Market Definitions Why may the S + D curve shift Gender Pay Gap SolutionsLabour Markets: where supply is traded; demand + supply of outwards/inwards? Desirability: working conditions (HSWA),
Labour determining the price of Labour (wage)
What is meant by demand for Labour? Who is doing the Demand Curve: employment packages, abolish 0 hour
demanding: Demand comes from firms, firms need workers to Outwards: Increased Demand for finished contracts
produce goods/services Occupational immobility: Education +
What are the main factors affecting the demand for Labour: product
training, nurture talent, certification process,
- wage Inwards: Better technology leading to less labour
Non-wage: careers guidance, job opportunity
- demand for goods/services
needed information
- substitutes Capital/labour Geographical immobility: transport network
- nature of business capital or business incentive
- efficiency
Non-wage determinants of Demand (better infrastructure, subsidising public
What is meant by ‘derived demand’: Demand for labour comes transport). Free ports/enterprise zones
from the demand for goods/services
Supply Curve: (attracts businesses to the area). Rolling out
What are the main factors affecting the supply of Labour: technology (5G, removes issue entirely for
- wage Outwards: Increase in migrant workers, increase
- discrimination + cultural sexism non-physical jobs). Placing jobs where people
- qualifications/experience/talent/skills in cost of living
- motivation/disaffection live, removes need for any movement.
- desirability (health, danger, ‘nasty’) Inwards: Worse conditions or benefits (e.g. fewer women apply for top jobs
Discrimination: promoting awareness via
- regulation pensions) education. Legislation on recruiting (Equality
- immigration/emigration
Act 2010). Flexible working hours. Quotas
Non-wage determinants of Supply ‘positive discrimination’. Enforce legislation:
to prevent discrimination.
Occupational Immobile Geographical Immobility Minimum wage
Some jobs will be poorly paid (e.g. cleaners or waiters) (low skilled/undesirable jobs)
1. Top Up Benefit
2. Minimum wage
NMW: (National minimum wage), wage that employers are not
allowed to charge less than
- qualifications
- trade memberships
- legal in security clearances
- licences - house price differential
For Minimum wage, also depends on
economic growth, an increase of consumption
- cultural ties/family ties the more educated
due to minimum wage can lead to an increase
someone is, the less cultural/family ties matter
in Dl (shift)
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