Monthly Archives: October 2022

Geographical mobility: The ease of moving from one area to another. The greater the mobility of labour, the lower the level of unemployment.  How can the government increase geographical mobility of labour?  Housing: Increase the availability of affordable housing in … Continue reading →

Statement  Explanation: Consequences of high youth unemployment Increased government (current) expenditure  Increased government (current) expenditure  Reduced government (current) revenue  With fewer people working the government will collect less in both direct and indirect tax revenue. Loss on return on investment … Continue reading →

Productivity of worker  The more the worker can produce the greater their ability to negotiate higher rates of pay, as measured by their MRP.  Different skills / degree  The skills attaching to different jobs vary and pay is commensurate with … Continue reading →

Seasonal unemployment Unemployment caused by seasonal variations in demand/ by fluctuations in some activities at some period during the year. During the summer months the tourist industry is much busier than winter time and so this industry will employ more workers. … Continue reading →

What impact do Trade Unions have on Wage Rates;  Minimum wage  Trade Unions aim to safeguard the jobs of their members. They may set minimum wage for a particular occupation, below which no labour will be supplied.  Restriction on the … Continue reading →

Factor that affect the demand for labour Demand for output If there is an increase in demand for the firms output, there may be an increase for labour.  Marginal revenue productivity of labour  The more productive the worker, the more … Continue reading →

Live register – measure of all those who receive social welfare payments eg. jobseekers allowance  Labour force survey (LFS) – (replaced QNHS) CSO invites 32,500 households to take a survey each quarter and answer questions in relation to employment status. … Continue reading →

GDP: Gross Domestic Product at factor cost/market prices is the total output produced by the factors of production in the domestic economy, irrespective of whether the factors are owned by Irish nationals or foreigners, as measured by payments to factors … Continue reading →

C: Consumption – what does consumption depend on?                                    Level of real disposable income MPC: Marginal Propensity to consume Availability of credit Rate of Interest Rate of taxation I: Investment – what does investment depend on?  Rate of interest Business confidence … Continue reading →

1. Indication of alterations in our standard of living Any change in our national income figures will indicate the level of economic growth, or otherwise, within the country from one year to the next, and give a general indication of … Continue reading →