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2.7.2 Determination of wages
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Wages are determined by demand and supply

Wages are determined by demand and supply

In a competitive labour market, the equilibrium wage is determined where the demand for labour equals the supply of labour. Labour demand comes from firms, while labour supply comes from workers.

2.7.2 Determination of wages Lesson

  1. GCSE
  2. /Economics
  3. /2.7.2 Determination of wages

Step-by-step lessons on OCR GCSE Economics 2.7.2 Determination of wages. Each one builds up to exam-style questions. Build a solid grasp of supply and demand and cost/revenue calculations before tackling the evaluation-heavy policy topics.

Lessons