Key takeaways
Understand how wages are determined by the intersection of the demand and supply curves.
Understand what is meant by economic rent and transfer earnings.
The impact of trade unions on wages.
Host: I have taught Economics for the last 27 years, since completing my PGCSE in Business Education at Sheffield Hallam University. I have been a heard of department for the last 20 years and have worked as an examiner for AQA.Wage rate is at the equilibrium point where the supply of labour is equal to the demand for labour. In this lesson students will learn how wages are determined through the interaction of the demand for labour and the supply of labour as well as the meaning of economic rent and transfer earnings. Students will also cover the impact of trade unions on wages. This class is aimed at students in Years 12 and 13 who want to feel confident on supply and demand!
Learn more here: A2 Economics - The Demand for Labour, A2 Economics - The Supply of Labour, The Theory of Diminishing Returns
Safeguarding reminder:The safety of your child is of the utmost importance. All of our classes are pre-recorded to remove any concerns around live participation. For reruns of our past live classes, students' webcams and microphones were disabled and only the chat history, if participation was requested, is visible.
Suitable for:
This class is suitable for students in Years 12 and 13.
Class requirements:
You will need a laptop or device with internet connection to watch the class, as well as a pen and notepad for taking notes.
What to expect:
- This class will take place online via a Zoom webinar.
- For live classes, please arrive promptly. Students' cameras and microphones are disabled by default.
- For on demand classes, students will be watching a recording of a previous live class.
- Once you have signed up, you will be taken to your dashboard where you can view details of the class, and re-watch it in the future.
- Students will be sent confirmation of the class to their email address if provided.