Economics A-Level
Labour markets
What Labour markets means in Economics A-Level, as defined for AQA.
Definitions of Labour markets
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Reference: AQA
Where market forces, comprising labour demand and labour supply, establish different equilibrium prices for different occupations.
Markets which, alongside product markets, are judged against perfect competition as a yardstick for efficiency or inefficiency.
Markets in which occupational immobility occurs when workers lack the skills to transition between industries.
Specific markets in which the labour supply curve can be altered by a policy, lowering wage pressures.
Topics that use Labour markets
- Market imperfections (AQA A-Level)
- Perfect competition (AQA A-Level)
- Supply-side policies (AQA A-Level)
- The determination of relative wage rates and levels of employment in perfectly competitive labour markets (AQA A-Level)
Related terms
- Resource allocation
- Allocative efficiency
- Average revenue
- Barriers to entry
- Capital investment
- Dynamic adjustment
- Dynamic efficiency
- Economic efficiency
Using Labour markets in the exam
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