F583 - Economics of Work and Leisure - June 2014 Watch

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amirarshad
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#301
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(Original post by Fas)
well there's a multitude of methods that the Government can use to improve labour market flexibility - cutting marginal income tax rates, cutting JSA, reducing employment legislation and education and training. All these methods have their own way of improving flexibility (which im too tired to go through right now haha) but the common theme is that these methods will encourage workers to work more and thus increase their supply of labour to the area's where labour shortages are occurring (in theory), hence improving labour market flexibility (however with employment legislation, reducing employment legislation will increase firms demand for labour, it won't affect the supply)

So basically the diagram im talking about is the interaction of the Aggregate Demand for Labour (ADL) and the Aggregate Supply of Labour (ASL), and you'd show the ASL line moving outwards to indicate the increase in the supply of labour which has helped to improve labour market flexibility (numerical/temporal/locational/functional/wage) as firms now have access to a larger pool of workers, and unemployment will in theory decrease, as labour shortages should no longer occur, and the labour market will now have a better response to changing market conditions.

hopefully that helps, but if there's anything you don't understand just let me know and i'll try and explain it


so in your analysis you're basically analysing how these measures by the government to improve labour market flexibility will improve the different components of labour market flexibility - so numerical/functional/temporal/wage/locational flexibility

Thank you! It was the last bit i wasn't getting ( how the increase in supply will fill labour shortages and how the larger pool of workers would allow the labour market to respond better to changing market conditions)

Have you done all the papers?
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Fas
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(Original post by amirarshad)
Thank you! It was the last bit i wasn't getting ( how the increase in supply will fill labour shortages and how the larger pool of workers would allow the labour market to respond better to changing market conditions)

Have you done all the papers?
that bit about the larger pool of workers allowing the labour market to respond better to changing market conditions - i basically mean that because numerical/locational/functional/wage/temporal flexibility will be improved by these government measures, then lets say a recession hits, firms will be able to adjust quickly (in terms of their usage of labour) so they could drop the wage rate significantly, increase the number of hours workers work quickly, and they can move workers around different sectors of their firm and have them performing different tasks almost straight away, so they wouldn't have to resort to laying off workers to cut down on their costs, hence a flexible labour market would see less unemployment arising, hence why the labour market can react better to changing market conditions.

ive done most of them yeah, just noticed there's the january 2010 that i haven't done, so i'll be doing that tomorrow
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amirarshad
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(Original post by Fas)
that bit about the larger pool of workers allowing the labour market to respond better to changing market conditions - i basically mean that because numerical/locational/functional/wage/temporal flexibility will be improved by these government measures, then lets say a recession hits, firms will be able to adjust quickly (in terms of their usage of labour) so they could drop the wage rate significantly, increase the number of hours workers work quickly, and they can move workers around different sectors of their firm and have them performing different tasks almost straight away, so they wouldn't have to resort to laying off workers to cut down on their costs, hence a flexible labour market would see less unemployment arising, hence why the labour market can react better to changing market conditions.

ive done most of them yeah, just noticed there's the january 2010 that i haven't done, so i'll be doing that tomorrow
Thanks!!
Which year have you done up to, 2002?
Another thing which confuses me is the substitution/income effect on backward sloping supply curve. So when a worker initially has a lower wage, the substitution effect would dominate where the worker would substitute work for leisure or is it substitute leisure for work??? (I'm trying to say they're swapping free time for work as the opportunity cost of not working is higher)
I think this is more of an English language question than Economics D:
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Fas
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(Original post by amirarshad)
Thanks!!
Which year have you done up to, 2002?
Another thing which confuses me is the substitution/income effect on backward sloping supply curve. So when a worker initially has a lower wage, the substitution effect would dominate where the worker would substitute work for leisure or is it substitute leisure for work??? (I'm trying to say they're swapping free time for work as the opportunity cost of not working is higher)
I think this is more of an English language question than Economics D:
first of all, make sure you understand that the backward bending labour supply curve only works in the short-run (as capital is kept in fixed supply)

secondly, the substitution effect is basically when as the wage rate is increased, workers will swap out leisure time for work. Workers do this as like you said, at that low wage rate, the opportunity cost of not working is higher than the opportunity cost of working, thus workers will work more hours and increase their productivity as the wage rate rises.

However there will be a point when the income effect will take over. Here basically workers will start to swap out work for leisure, as they will be earning a high wage rate at this point, and the opportunity cost of working will be higher than the opportunity cost of not working, thus the worker will choose more leisure time and reduce their working hours.

hope that helps!
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zigglr
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What diagram could I use for economic inactivity as a cause of labour market failure?
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Fas
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(Original post by zigglr)
What diagram could I use for economic inactivity as a cause of labour market failure?
Standard ADL/ASL diagram showing an inward shift of ASL
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HillyH1995
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can wage determination come up in data response?
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HillyH1995
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can wage determination/ageing population/labour market failure come up in part A data response
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letsplayray
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(Original post by HillyH1995)
can wage determination/ageing population/labour market failure come up in part A data response
I think ageing population has been done before i think jan 2011, but i'm not sure about labour market failure or wage determination although they would be very nice topics tbh
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nitin0896
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(Original post by TheGuy1)
Thanks! You know examples of labour markets?
They've actually done TV boradcasting, Cinema and Camping.
Predicting tomorrow coud be something to do with spectator sports actually!
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nitin0896
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(Original post by sarbear282)
I feel like I know market failure and corrections to them more than anything else on this topic what are the chances that a market failure question will come up as a section b question/s?
Think iy may definately come up this year since if didnt come up last year
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Fas
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(Original post by nitin0896)
They've actually done TV boradcasting, Cinema and Camping.
Predicting tomorrow coud be something to do with spectator sports actually!
have they done cinemas? i know spectator sports has been done before, but don't remember seeing cinemas in any of the past papers? :/
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Fas
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(Original post by HillyH1995)
can wage determination/ageing population/labour market failure come up in part A data response
very easily. although i highly doubt labour market failure will come up as that was the section A last year.
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nitin0896
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(Original post by Fas)
have they done cinemas? i know spectator sports has been done before, but don't remember seeing cinemas in any of the past papers? :/
Yeah i remember it was on market concentration rations and stuff, when did spectator sports come up?
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Fas
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(Original post by nitin0896)
Yeah i remember it was on market concentration rations and stuff, when did spectator sports come up?
you sure that wasn't TV broadcasting? because i remember a past paper which the first question asked to work out a concentration ratio, but that was TV broadcasting.

it has, let me find the paper.
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Fas
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(Original post by nitin0896)
Yeah i remember it was on market concentration rations and stuff, when did spectator sports come up?
found it, June 2011
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m.vilas
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Odds on this years case study being on football with the world cup coming up are 2:1 whos putting money down?
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ASKid
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(Original post by Fas)
Standard ADL/ASL diagram showing an inward shift of ASL
Whats ADL and ASL?
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Fas
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(Original post by ASKid)
Whats ADL and ASL?
ADL = Aggregate Demand for Labour
ASL = Aggregate Supply for Labour
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rob95
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Do you think there is any chance of an efficiency question to come up on Section B this year?
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