A2 OCR Economics F583 2016

OP

To what extent is EU directives bad for the UK Labour market

Reply 42

left revision late again :frown:

anyone know the topics i should definitely revise? would help so much

Reply 43

OP

Topics which may be beneficial to look at:
Ageing population
EU Directives
Migration
Pensions
Imperfect information as a cause of LMF
Trends in trade union membership
transfer earnings + economic rent

Reply 44

SharinganShahz

I havent done any revision for this exam at all and im so nervous can anyone please help me and tell me the most productive way to do this please????

Reply 45

Original post by Pato1

Topics which may be beneficial to look at:
Ageing population
EU Directives
Migration
Pensions
Imperfect information as a cause of LMF
Trends in trade union membership
transfer earnings + economic rent

cheers! could you run over LMF for me please? is there a diagram for it? also, what are the main diagrams to learn?(sorry for there being so much)

Reply 46

Original post by Lostrider

I don't have a system per say. But looking at previous papers it seems MRP theory comes up all the time, it did not come up last year, so there's a big chance it will this year.

For the market structures I feel like oligopoly is unlikely compared to monopoly and monopolistic competition, as it has been on twice previously.

Also, pretty much they ask every year 'to what extent can government intervention correct the labour market failure arising from....' so I think it's really important we know about gov intervention (the main one being NMW because there's a good simple diagram that goes with that)

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cheers! whats the nmw diagram again? also maybe perfect competition as one of the market structure qs? cos theyve never asked that?!

Reply 47

kamez

they have never asked about imperfect information leading to labour market failure so they might this time! although there is not a lot to talk about it, one can always compare it to others!

Reply 48

SharinganShahz

can someone who's confident with the spec just check for me that econplusdal's labour markets and a2 micro playlist cover the entire spec??? you could save me haha!

Reply 49

OP

Original post by kamez

they have never asked about imperfect information leading to labour market failure so they might this time! although there is not a lot to talk about it, one can always compare it to others!

As long as you state 2 points of why it causes LMF you're fine as the rest is easy

Reply 50

kamez

Original post by Pato1

As long as you state 2 points of why it causes LMF you're fine as the rest is easy

yeah, i personally like LMF questions as opposed to leisure industry, i do not know how to gain a 18-20 on those...maybe i do not use enough facts or figures. do you have an examplary essay on spectator sports since that one is most likely out of other industry choices

Reply 51

Original post by kamez

they have never asked about imperfect information leading to labour market failure so they might this time! although there is not a lot to talk about it, one can always compare it to others!

why does it though? idgi

Reply 52

kamez

Original post by SilverHorsey

why does it though? idgi

if there is imperfect information, it could be bad both ways, for employee as well as the employer. so how is it bad for the employer? well imperfect information means he wouldn't know much about the job or the workplace or how it is going to be...therefore he may not be as productive as it may not suit him as there could be better jobs for him that he did not undertake because either he did not know about them or he thought something different about his job and he may end up raising the costs of production of the firm! this suggests how it is bad for the firm but there may be other negatives for the firm as well. since the firm does not know what kind of a person they are undertaking as the CV or an interview does not tell u all about a person, they may end up hiring a person who is not productive enough or inexperienced. therefore, they may have to keep on interviewing people, then there are costs of hiring and firing and this adds on to the costs of production which may lead to the firms adding this cost to the goods that they make. therefore, the goods made are made expensive and therefore consumer surplus reduces. also the firm becomes less internationally competitive due to bad quality owing to a fall or slow growth in productivity! if raising the prices of goods doesn't work, then they may just start making some of the unskilled workers redundant and this leads to unemployment which may increase burden on the government as now they would have to give more employment benefits and therefore opportunity cost occurs as they would have to spend more here which they could have spent on healthcare, education or in simple words, infrastructure. therefore, economic growth and development stagnates.

in short, information is important like this information may be useful to u for tomorrow's exam!

Reply 53

Lostrider

15

Original post by SilverHorsey

cheers! whats the nmw diagram again? also maybe perfect competition as one of the market structure qs? cos theyve never asked that?!

http://www.economicsonline.co.uk/Market_failures/Minimum_wage.html

If you follow the link, and scroll down on that page it has a good description of NMW with a fully labelled diagram and costs and benefits of a NMW

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Reply 54

KingAweT

5

What would be a good example to use for Monopolistic competition in the Leisure industry?

Reply 55

Marshmallow21

3

Original post by KingAweT

What would be a good example to use for Monopolistic competition in the Leisure industry?

I would use cinema or broadcasting because both have become more contestable due to the emergence of alternative platforms e.g. internet streaming

Reply 56

OP

Analyse Using examples, how imperfect information has caused Labour Market Failure (15)
To what extent will Government intervention cure Labour Market Failure from imperfect information (20)

Reply 57

Marshmallow21

3

Original post by Pato1

Analyse Using examples, how imperfect information has caused Labour Market Failure (15)
To what extent will Government intervention cure Labour Market Failure from imperfect information (20)

What are the consequences of imperfect information? Could you say discrimination is one

Reply 58

OP

imperfect information means that firms and workers don't know everything. so workers may not be employed in their best suiting job or firms may be employing the best employee for the job.

Reply 59

OP