3. labour markets

Question 1

unemployment in august 2020

Answer 1

4.9%

Question 2

Equal Pay Act

Answer 2

1970, prohibited discrimination regarding the salaries of men and women

Question 3

Milton Friedman and Margret Thatcher

Answer 3

were both against the ideas of trade unions, as it gave them the collective bargaining power to increase their own wages. this meant that firms costs would rise causing cot push inflation and also leads to real-wage unemployment

Question 4

problem with strikes

Answer 4

trade unions allow for strikes which mens less economic output (overall slump of GDP)

Question 5

Monopsony power-product market

Answer 5

The NHS has significant monopsony power over pharmaceutical goods, which it uses to lower the cost of purchasing drugs. Explains why drugs are more expensive in the US

Question 6

Monopsony power-producer market

Answer 6

Big 5 supermarket chains are the sole supplier from food from farmers. the means they can negotiate for lower prices for the goods

Question 7

monopsony power-labour market

Answer 7

NHS is the largest employer of doctors and nurses in the UK. Walmart is the third largest employer in the world with approximately 2.3 million employees

Question 8

pretty little thing

Answer 8

November 2020, PLT slashed prices to 99% off on all goods for Black Friday which made people question how they could makes profits. they could afford it due to how little they paid workers in their ‘sweatshops’; the company then witnessed a 40% drop in sales

Question 9

distribution of income

Answer 9

north south divide