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10 cards from this deck
Wages set by govt/tribunal across multiple workplaces
Wages determined at workplace level by market forces
1991
Wages negotiated at workplace/company level
Efficient firms offer higher wages, attract skilled workers
Workers incentivised to improve efficiency for wage rewards
Wage flexibility helps reduce unemployment during downturns
Greater wage dispersion; same job, different pay
Weak unions/workers less likely to get wage rises
Harder to enforce wage entitlements; underpayment widespread
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