There are arguments that the legal driving age is too low, and this causes an unacceptably high level of traffic accidents. Raising the driving age, would ensure young drivers are more experienced and less prone to rash judgements which can put other road users at risk. Arguments for raising the legal driving age include: 1. …
The mobility of labour refers to how easily workers can move to different jobs within the economy. The two main factors of labour mobility are: Geographical mobility – how easy is it for a worker to move between different regions and countries to seek new work. Occupational mobility – how easy is it for a …
Diseconomies of scale occur when long-run average costs start to rise with increased output. Economies of scale occur up to Q1. After output Q1, long-run average costs start to rise. Reasons for dis-economies of scale Poor communication in a large firm. It can be hard to communicate ideas and new working practices. Alienation: Working in …
Minimum wage in UK Distribution of income in UK Policies to reduce inequality Causes of poverty Tax system in UK Inequality in the UK Why is there so much global inequality? Wealth inequality in the UK Factors that explain wage inequality Pros and cons of Inequality Poverty, income inequality and economic growth Effect of tax …
Economic growth means an increase in national income, but does economic growth actually help to reduce relative poverty and income inequality – or can economic growth exacerbate existing income inequalities? There are two types of poverty: Relative poverty: This is when income is a certain percentage less than the average income. For example, in the …
Basics of Labour Markets Demand for Labour Supply of Labour Wage Determination Marginal revenue product of labour Labour market imperfections Monopsony diagram Labour Market Imperfections Monopsony Trades unions Geographical immobiliities Discrimination in the labour market Government intervention in labour markets Minimum wages Minimum wages Minimum Wages for 16-18 year olds Disadvantages of minimum wages Would …
Definition of Labour Force This is the number of people of working age who are employed or who are looking for employment. I.e. number employed plus the number unemployed Definition of Participation Rate This the ratio of the working age population to the number of employed. see Participation Rate Human Capital This refers to the …
Demand side policies include expansionary fiscal and monetary policies. For example, the govt could increase Govt spending and lower taxes. G is a component of AD, therefore, this will cause AD to increase, there may also be a multiplier effect causing AD to increase even more than the initial effect Lower tax rates will increase …