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3 Cards in this Set
- Front
- Back
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What happens if wages increase? |
Substitution effect - as wages rise, capital investment also rises. Capital is substituted for labour (automation) |
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What causes rightward shifts in the supply of labour? |
More labour is demanded (needed). - Firm expansion - Seasonal events |
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What is the minimum wage? |
The minimum wage is minimum pay per hour that almost all workers are entitled to. It's aim is to reduce poverty in the UK, but was controversial as some believed it would actually cause unemployment. |
