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Презентация на тему The labour market

Содержание

2. Demand for labourMarginal Revenue ProductProductivitySupply of LabourThe factors influencing wage differentials
3. The market for a factor of production
4. Demand for LabourInfluenced by:Cost of hiring labourWages/salariesNational
5. Marginal Revenue ProductMRP = MPP x PMPP = Marginal Physical Product
6. DLThe demand for labour is downward sloping
7. ProductivityA measure of output per person per time period
8. Supply of LabourThe amount of people offering their labour at different wage rates.
9. Supply of LabourSize and structure of the
10. Number EmployedDLSL30Q1Assume this is the market for
11. Other factors
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Demand for labourMarginal Revenue ProductProductivitySupply of LabourThe factors influencing wage differentials

The market for a factor of production - labour Refers to the

Demand for LabourInfluenced by:Cost of hiring labourWages/salariesNational Insurance contributionsPension contributionsAdministration costs associated

Marginal Revenue ProductMRP = MPP x PMPP = Marginal Physical Product

DLThe demand for labour is downward sloping from left to right£250Q1At a

ProductivityA measure of output per person per time period

Supply of LabourThe amount of people offering their labour at different wage rates.

Supply of LabourSize and structure of the population – age, gender, etc.Skill

Number EmployedDLSL30Q1Assume this is the market for Internet developers – the initial

Other factors influencing wage differentials: Status attached

Слайды презентации

Слайд 2 Demand for labour
Marginal Revenue Product
Productivity
Supply of Labour
The factors

influencing wage differentials

Слайд 3 The market for a factor of production -

The market for a factor of production - labour Refers to

labour
Refers to the demand for labour – by

employers and the supply of labour (provided by potential employees)
Demand for labour is a derived demand - not wanted for its own sake but for what it can contribute to production

Слайд 4 Demand for Labour
Influenced by:
Cost of hiring labour
Wages/salaries
National Insurance

contributions
Pension contributions
Administration costs associated with tax payments and adhering

to employment laws and regulations

Слайд 5 Marginal Revenue Product
MRP = MPP x P
MPP =

Marginal Physical Product

Слайд 6 DL
The demand for labour is downward sloping from

DLThe demand for labour is downward sloping from left to right£250Q1At

left to right
£250
Q1
At a relatively high wage rate of

£250 per week, the value added by the worker must be greater to cover the cost of hiring that labour. Demand is likely to be lower.

£100

At a lower wage rate the firm can afford to take on more workers. The demand for labour is inversely related to the wage rate

DL1

The demand for labour will shift if:
Productivity of labour increases
New machinery is used which increases productivity
If there is an increase in the demand for the good/service itself
If the price of the good/service increases

Quantity of labour employed

Wage Rate (£ per week)

Слайд 7 Productivity
A measure of output per person per time

period

Слайд 8 Supply of Labour
The amount of people offering their

labour at different wage rates.

Слайд 9 Supply of Labour
Size and structure of the population

Supply of LabourSize and structure of the population – age, gender,

– age, gender, etc.
Skill levels required
Education and training
Number

in higher education
School leaving age
Qualification types
Fashion
Time period
Opportunity cost of work – income and substitution effects

Слайд 10 Number Employed
DL
SL
30
Q1
Assume this is the market for Internet

Number EmployedDLSL30Q1Assume this is the market for Internet developers – the

developers – the initial wage rate is £30 per

hour

DL1

As businesses recognise the potential benefits of having a Web site, demand for their skills increases from D to D1

Shortage

The demand for developers at a wage rate of £30 per hour is now Q2 but there are still only Q1 available for employment. A shortage develops.

In the short run, the supply of internet developers is very inelastic

The shortage causes the wage rate to be forced up to £75 per hour as firms compete for the skills of those available. In the short run there is not the time for new workers to come onto the market because of the training time needed.

SL1

In the long run, as more people train and qualify to become internet developers, the supply will increase and also become more elastic. The wage rate will fall back to a lower level.

Wage Rate (£ per hour)