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!
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.
This class is suitable for students in Years 12 and 13.