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Frequently Asked Questions - wages

FAQs - wages

The discussion will include a two sided discussion on the importance of wages. The response might include that:

certainly wages are a very important factor to be taken into account. However, other factors also influence the choice of occupation for individuals. These might include:

  • working conditions/health and safety
  • promotion prospects
  • hours of work
  • proximity to home
  • canteen/sports facilities
  • pension provision
  • skills/education
  • fringe benefits.

A one-sided answer can gain only half the marks.

TAGS: wages

It is true in most of the cases however, wages also depend on: 

  • experience 
  • skills 
  • training 
  • promotion. 

 

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)

 

TAGS: trade union

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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