Cambridge AS & A Level Economics
8.3Labour market forces and government intervention
Labour market forces and government intervention in Cambridge AS & A Level Economics: what the syllabus expects you to know, the learning objectives and how to practise.
Subtopic112 practice questions5 lessons
Learning objectives
What the syllabus expects you to be able to do.
- 8.3.1Explain the demand for labour as a derived demand.
- 8.3.2Explain the factors affecting the demand for labour in a firm or an occupation.
- 8.3.3Explain shifts in and movements along the demand curve for labour.
- 8.3.4Define and calculate marginal revenue product and derive a firm's demand for labour from it.
- 8.3.5Explain the wage and non-wage factors affecting the supply of labour.
- 8.3.6Explain shifts in and movements along the supply curve of labour.
- 8.3.7Explain wage determination in perfect markets: equilibrium wage and employment.
- 8.3.8Explain wage determination in imperfect markets: trade unions, a national minimum wage and monopsony.
- 8.3.9Explain how labour market forces determine wage differentials.
- 8.3.10Define transfer earnings and economic rent and explain the factors affecting them.
Lessons
- Full access
Economic rent, transfer earnings and quasi-rent
50 min
- Full access
How wages are determined: competitive markets, unions, minimum wages and monopsony
55 min
- Full access
The demand for labour and marginal revenue product theory
55 min
- Full access
The supply of labour: to a firm, to an occupation and to the economy
50 min
- Full access
Wage differentials: why different jobs pay different wages
55 min
Join to read every lesson, or see what Full access includes.
Sample question
A sample question on this topic. Answer it, check it, then read the worked answer.
Turn Labour market forces and government intervention into a strength.
Practise with instant marking, see your mastery grow and get a study plan built around your exam date.