Thursday, August 7, 2014

Wage rate determination- GCEO O' LEVEL ECONOMICS /IGCSE ECONOMICS NOTE

How to wage rate is determined?

The wage rate in a particular industry is determined by the market forces i.e. demand and supply.
The point at which the demand and supply of labour will intersect will determine the wage rate for that particular industry.
equilibrium level of employment

A rise in the demand for labour will lead to a rise in the equilibrium wage rate.

effect of demand on wages

A fall in the supply of labour will result in a rise in the equilibrium wage rate.

effect of fall in supply on wages
Download handout 'labour market graphs'pdf

1 comment:

  1. TODAY TESTIMONY ON HOW I GOT MY LOAN AMOUNT $800,000.00 DOLLARS FROM A RELIABLE AND TRUSTED LOAN COMPANY LAST WEEK Email for immediate response drbenjaminfinance@gmail.com

    Hello everyone, My name is Mrs. Carolin Glowski, I'm from Europe, am here to testify of how i got my loan from BENJAMIN LOAN FINANCE after i applied Two times from various loan lenders who claimed to be lenders right here this forum, i thought their lending where real and i applied but they never gave me loan until a friend of mine introduce me to {Dr. Benjamin Scarlet Owen} the C.E.O of BENJAMIN LOAN FINANCE who promised to help me with a loan of my desire and he really did as he promised without any form of delay, I never thought there are still reliable loan lenders until i met {Dr. Benjamin Scarlet Owen} who really helped me with my loan and changed my life for the better. I don't know if you are in need of an urgent loan also, So feel free to contact Dr. Benjamin Scarlet Owen on his email address drbenjaminfinance@gmail.com

    ReplyDelete