Economics-A-level-Aqa
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1-economic-methodology-and-the-economic-problem4 主题
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2-individual-economic-decision-making4 主题
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3-price-determination-in-competitive-markets10 主题
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types-of-economic-integration
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protectionist-policies-quotas-and-export-subsidies
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protectionist-policies-tariffs
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protectionist-policies-an-introduction
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the-benefits-and-costs-of-trade
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international-trade
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globalisation
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types-of-supply-side-policies
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an-introduction-to-supply-side-policies
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fiscal-policy-budget-balances-and-national-debt
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types-of-economic-integration
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4-production-costs-and-revenue11 主题
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Production & Productivity
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fiscal-policy-types-of-public-expenditure-and-taxation
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fiscal-policy-an-introduction
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regulating-the-financial-system
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monetary-policy-transmission-mechanisms
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central-banks-and-monetary-policy
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commercial-and-investment-banks
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financial-assets
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financial-markets
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conflicts-between-the-macroeconomic-objectives
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price-level-global-influences
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Production & Productivity
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5-perfect-and-imperfectly-competitive-markets-and-monopolies12 主题
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price-level-deflation
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price-level-inflation
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employment-and-unemployment
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the-economic-cycle
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the-impact-of-economic-growth
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economic-growth
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the-multiplier-and-basic-accelerator-process
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macroeconomic-equilibrium
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long-run-aggregate-supply-lras
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short-run-aggregate-supply-sras
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aggregate-demand-ad
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injections-and-withdrawals-into-the-circular-flow
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price-level-deflation
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6-the-labour-market7 主题
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7-income-and-wealth-distribution4 主题
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8-the-market-mechanism-market-failure-and-government-intervention16 主题
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government-intervention-price-controls
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government-intervention-indirect-taxation-and-subsidies
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government-intervention-an-introduction
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market-failure-market-imperfections
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market-failure-merit-and-demerit-goods
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market-failure-tragedy-of-the-commons
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market-failure-positive-externalities
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market-failure-negative-externalities
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market-failure-public-private-and-quasi-public-goods
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an-introduction-to-market-failure
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the-market-price-mechanism
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government-policies-to-reduce-poverty-and-inequity
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the-problem-of-poverty
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the-lorenz-curve-and-gini-coefficient
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income-and-wealth-distribution
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discrimination-in-the-labour-market
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government-intervention-price-controls
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9-measuring-macroeconomic-performance5 主题
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10-how-the-macroeconomy-works6 主题
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11-economic-performance8 主题
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12-financial-markets-and-monetary-policy6 主题
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13-fiscal-and-supply-side-policies5 主题
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14-the-international-economy16 主题
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using-index-numbers
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analysing-changes-to-market-equilibrium
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the-determination-of-market-equilibrium
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supply-curves-real-world-analysis
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supply-curves
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demand-curves-real-world-analysis
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demand-curves
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using-behavioural-economics
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behavioural-economics
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imperfect-information
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consumer-behaviour
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production-possibility-diagrams
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scarcity-choice-and-the-allocation-of-resources
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economic-resources
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economic-activity
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economic-methodology
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using-index-numbers
the-national-minimum-wage-nmw
The Impact of a National Minimum Wage
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Government’s often intervene in the labour market by setting a minimum wage
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They do this in order to improve equity & avoid the exploitation of worker
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A minimum wage is a legally imposed wage level that employers must pay their workers
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It is set above the market rate
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The minimum wage/hour often varies based on age
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Diagram: National Minimum Wage
Diagram analysis
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The market equilibrium wage and quantity for truck drivers in the UK is seen at WeQe
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The government imposes a national minimum wage (NMW) at W1
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Incentivised by higher wages, the supply of labour increases from Qe to Qs
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Facing higher production costs, the demand for labour by firms decreases from Qe to Qd
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This means that at a wage rate of W1 there is excess supply of labour & the potential for unemployment equal to QdQs
Examiner Tips and Tricks
When evaluating national minimum wages, do not assume that they will automatically increase unemployment.
Many studies have shown that unemployment does not increase, and in some instances, employment increases. This is likely due to the fact that workers are receiving higher wages and choosing to consume more. This increases total demand in the economy, which in turn increases the demand for labour by firms, thus reducing/eliminating any potential unemployment.
Advantages & Disadvantages of a National Minimum Wage
Evaluating the use of Minimum Wages
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