A2 Economics - Wage Determination

Curriculum support20 mins£2

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.
Chris CurryHost: 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 LabourA2 Economics - The Supply of LabourThe 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:

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