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Economics Semester 1 Notes

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All notes from semester 1 economics. It includes information from Tim Riley's textbook and has everything from consumers and businesses, to labour markets.

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25 Pages Complete Study Notes > 2 Years old
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Topics this document covers:
Economy Labour relations Social inequality Economic globalization Labour law Minimum wage Labour economics Unemployment Economic inequality Trade union Salary Wage
This is a Complete Set of Study Notes

Complete Study Notes typically cover at least half a semester’s content or several topics in greater depth. They are typically greater than 20 pages in length and go into more detail when covering topics.

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Topics this document covers:
Economy Labour relations Social inequality Economic globalization Labour law Minimum wage Labour economics Unemployment Economic inequality Trade union Salary Wage
Sample Text:
• Involves interaction between individuals seeking employment to earn income and employers who want to find workers with appropriate skills for the production process. • Many distinct labour markets AS PRICE OF WAGES FALL, AN INDIVIDUAL FIRM WILL EMPLOY MORE LABOUR Factors that affect demand for jobs Location Availability of jobs (quantity) Wages Hours Benefits transport Demand and factors for Labour Friday, 1 May 2015 2:36 pm Firms demand labour by offering wages, just as consumers demand goods or services in product markets by offering to pay for a price. The demand for labour is derived from the demand for goods and services within the economy. Labour is only demanded only because it is needed for the firm to producer goods and s...
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