Economics GCSE
Labour markets
What Labour markets means in Economics GCSE, as defined for AQA.
Definitions of Labour markets
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Reference: AQA
Where the supply and demand for labour affect wage rates for different occupations, so highly skilled workers command higher pay due to higher demand and lower supply of their labour.
Where the demand for labour from employers and the supply of labour from individuals interact to determine wages and employment.
Topics that use Labour markets
- Distribution of income (AQA GCSE)
- The labour market (AQA GCSE)
Related terms
- Wage differentials
- Aggregate demand
- Asset accumulation
- Deductions
- Derived demand
- Economic inequality
- Equity versus efficiency
- Government intervention
Using Labour markets in the exam
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