A trade union is an organized group of workers who join together to protect and improve their rights
Tag: wage
equilibrium wage rate
The equilibrium wage rate (W*) is the specific wage level where the number of workers employers want to
wage determination in perfect markets
In a perfectly competitive labour market, wages are set by the interaction of labour demand and labour supply.
movement along supply curve of labour
A movement along the labour supply curve happens only when the wage rate changes. This change leads to
shifts in supply curve of labour
A shift in the labour supply curve happens when the amount of labour workers are willing and able
factors affecting supply of labour
The supply of labour is determined by wage and non-wage factors that influence how many people are willing
movement along demand curve for labour
A movement along the demand curve for labour happens only when the wage rate changes. This causes a
shifts in demand curve for labour
A shift in the labour demand curve happens when the amount of labour businesses want to hire changes
factors affecting demand for labour
The demand for labour is influenced by several factors, not just the wage rate. These factors can increase
marginal revenue product (MRP)
Marginal revenue product (MRP) is the extra revenue a business makes by hiring one additional worker, assuming other