The EzyEducation website uses cookies to help ensure we give you the best experience.
If you continue without changing your settings, we assume that you are happy to receive all cookies on the EzyEducation website.
Please refer to our Privacy and Cookies Statement to

find out more.


Economics Year 13 revision Day 14 - Labour market imperfections

Economics Year 13 revision Day 14 - Labour market imperfections

On day 14 of the Year 13 Recap we review some of the factors that can create imperfections in the labour market.

The labour market of an industry is in equilibrium when the demand for and supply of labour intersect each other. This determines the equilibrium wage rate and the number of people employed in the industry.

However, like any other market, there are often disturbances which can cause a disequilibrium in the labour market. These frictions and barriers are officially defined as labour market imperfections as they prevent the equilibrium wage rate from settling. In an exam situation you will often be tasked with having to assess the implications of a policy such as the imposition of a minimum wage or the increased presence of trade unions. 

Here Jacob runs through the labour market imperfections revision slide:


Countdown to Exams - Day 76 - Sine and Cosine rule...
Business Studies Year 13 revision Day 13 - Digital...


No comments made yet. Be the first to submit a comment
Already Registered? Login Here
Monday, 08 August 2022
Forgot your password?