Characteristics of Globalisation Globalisation is the economic integration of different countries through increasing freedoms in the cross-border movement of people, goods/services, technology &...
The Impact of Government Intervention The Desired Outcomes Of Government Intervention Prices Profit Efficiency Affordable & stable prices Permitting enough to keep firms in the industry (normal...
Intervention to Control Mergers The Competition & Markets Authority (CMA) is the UK Government regulator tasked with ensuring that the creation of monopoly power is avoided & that consumers...
Diagrammatic Analysis of the Labour Market Labour market equilibrium occurs where the demand for labour (DL) is equal to the supply of labour (SL) The DL is the demand by firms for workers The SL i...
Factors Influencing the Supply of Labour There are numerous factors that influence the amount of labour supplied to a particular industry Different factors are present in different markets e.g. in ...
Factors That Influence The Demand for Labour The labour market is composed of sellers of labour (households) & buyers of labour (firms) Workers supply their labour & firms demand labour The...
Characteristics of Contestable Markets A contestable market occurs when there is freedom of entry into a market & where costs of exit are low A contestable market & competition are differen...
Monopsony Power A monopsony occurs when there is a single buyer in the market A pure monopsony is actually very rare, however there are many cases where there is a dominant buyer in an oligopoly or...
Characteristics of Monopoly A monopoly is a market structure in which there is a single seller There are no substitute products The firm has complete market power & is able to set prices & ...
