Economics class: UK wages: which sectors are driving up pay?
Roula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter.
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Specification:
Labour markets
Click to read the article below and then answer the questions:
UK wages: which sectors are driving up pay?
According to the FT, how much further will the UK base rate rise before it reaches its peak?
Explain what is meant by a tight labour market
“Although the tightness of the UK labour market is easing, demand for workers still far outstrips supply.” Using a labour market diagram, analyse the effects of these market conditions on the wage rate
Distinguish between i) nominal wages; and ii) real wages
Identify two causes of labour shortages
Explain why a rise in the minimum wage has significant consequences for the hospitality sector
For each of the sectors identified in the article, compare nominal pay rises with real pay rises
Gavin Clarke, Emmanuel College
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