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  • PEARSON (PEARSON)
  • Economics B
  • Unit 3 - The global economy
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Lecture notes 3.5.3 Minimum Wage Legislation

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PEARSON (PEARSON)
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Unit 3 - The global economy
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These notes helped me get an A* in A Level Economics, covering all aspects of the specification, plus hints of real world context.

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3.5.3 Minimum Wage Legislation

 The minimum you can pay an employee
 Must be set above the free market price





 Minimum wage suggests that there is a fall in employment Q --> Q1
 Inelastic labour demand will mean a small contraction in demand for labour
o Less people will lose jobs
 Elastic labour demand will mean a larger contraction in demand for labour
o More people will lose their jobs
 No evidence in UK of rise in unemployment due to a rise in National Minimum Wage
 Skill Shortage impact on international competition
o Human capital is impotent for economic development
o Developing human capital skills will improve the economy
o Improve productivity more skilled the workforce is
o More productivity a country is lower labour unit cost
o Improve international competition
 Migration
o Migration within economies
 Workforces show greater flexibility
 Inequality and Incentives

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Economics B
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Paddingtion zinzombe
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