Wages, Mobility, Intervention, and Other Issues (Edexcel A-Level Economics A): Flashcards
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Practise the cards
10 cards from this deck
Geographic mobility
Geographic mobility
Ability of workers to relocate between regions for jobs
Occupational mobility
Occupational mobility
Ability of workers to move between different job types/industries
Minimum wage (definition)
Minimum wage (definition)
Govt-set wage floor below which firms cannot pay workers
UK NMW implementation date
UK NMW implementation date
April 1999
Living wage basis
Living wage basis
Income needed for acceptable living standard, not just survival
National living wage (NLW) start
National living wage (NLW) start
April 2016, for workers aged 25+ (later 23+)
Three objectives of minimum wage
Three objectives of minimum wage
Protect from exploitation, improve work incentives, reduce poverty
Structural unemployment
Structural unemployment
When workers' skills don't match those required in available jobs
Minimum wage effect in monopsony
Minimum wage effect in monopsony
Can increase employment if set appropriately
Maximum wage (definition)
Maximum wage (definition)
Wage ceiling prohibiting employers paying above a set level