Economics GCSE
Equilibrium Wage Rate
What Equilibrium Wage Rate means in Economics GCSE, as defined for Pearson Edexcel.
Definition of Equilibrium Wage Rate
The wage rate at which the quantity of labour demanded by firms exactly equals the quantity of labour supplied by workers.
Topics that use Equilibrium Wage Rate
- The labour market (Pearson Edexcel GCSE)
Related terms
Using Equilibrium Wage Rate in the exam
Definition questions usually carry one or two marks, and examiners look for the precise wording. Write the definition from memory, check it against the version above, and then use the term in a longer answer on the same topic so it sticks.
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