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Prelim Eco Topic 4 - Labour Markets

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Note-taking under syllabus dot points, covers: - demand and supply - labour market outcomes - labour market institutions and smaller dot points within those three broad ones

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8 Pages Partial Study Notes 1-2 Years old
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Prelim Eco Topic 4 - Labour Markets
Topics this document covers:
Economy Business Labour relations Minimum wage Labour economics Unemployment Labour law Trade union Wage Working time Underemployment Efficiency wage
This is a Partial Set of Study Notes

Partial Study Notes typically cover only single topics of a unit of study or do not cover multiple topics in significant detail. They are generally less than 20 pages in length.

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Topics this document covers:
Economy Business Labour relations Minimum wage Labour economics Unemployment Labour law Trade union Wage Working time Underemployment Efficiency wage
Sample Text:
When consumers demand higher levels of goods and services, firms are forced to increase their level of output to meet the higher demand. This means that the firms must hire more labour to help produce more, increasing labour demand. Factors affecting demand (1) Output of the firm - General economic conditions (aggregate demand) o Most significant influence, if a firm is experiencing higher sales, it will increase production and therefore increase demand for labour. o Higher rates of economic growth are generally associated with falling unemployment levels. Changes in economic activity do not always lead to immediate changes in level of unemployment. There is a time lag in firms observing a pick-up in the level of demand and raising their demand for la...
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