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Frequently Asked Questions - Individual as Consumer and Producer

FAQs - Individual as Consumer and Producer

Demand and supply diagram based on restricting supply

trade union effect on wages

Answer must include:

axes correctly labelled (wage/price and employment/quantity) (1) 

demand and supply curves correctly labelled (1) 

shift of supply curve to the left (1) 

rise in wage/price and fall in employment/quantity (1)

 

Candidates could mention: 

  • reward for higher level of skill, training and qualifications,
  • they are likely, therefore, to have a higher level of productivity (they may have some idea of marginal revenue productivity, although it is not on the syllabus) 
  • such workers are relatively scarce/in shorter supply compared to unskilled workers 
  • it is less easy to recruit skilled than unskilled workers

Explanation of each point will get full marks.

 

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