t6 -nmw

Question 1

what is a gig econonomy

Answer 1

segement fo the laboru marke which conertrates on short erm and temporary jobs, often workers have more than oen job

Question 2

features of a gig economy

Answer 2

zero hour contracts
self emplyed people
workers paid for limited cotnracts
multipel sources of icnome

Question 3

what is the aim of the minimum wage

Answer 3

to help icnrease incoems of the low paid

Question 4

pros of minimum wage

Answer 4

icreases icnoems of lwo paid jobs
increases efficiency
firms haev more incenitve to invest in laboru productivity
can offset impact of monosony emplyers
inc icnetive to wokr

Question 5

cosn of nmw

Answer 5

can cause unemplyment in comp markets
coudl encourage use of black market
soem firms cant afford wages
could lead to higher wages
regional imbalances reduce effectiveness

Question 6

impact of nmw on monosony

Answer 6

can increase leev employed

Question 7

impact of nmw on comp labour amrket

Answer 7

could cause excess supply and a fall in demadn

Question 8

when will a minimum wage cause uenmployment in a monopsony laboru amrket

Answer 8

when it is above the wage level of mc = mrp

Question 9

how do relgional imbalances make the affectt of a nmw lower

Answer 9

soem areas the level fo nmw can be really high, say loughborough, adn enough to live btu in london it may be low due to higher costs of lviivng

Question 10

what type fo idnsutry would a nmw cause unemployment

Answer 10

labour intensive