economics essay urgent. redone (1 Viewer)

[Satiric]

hey, i have an essay due in a couple of days, and just need to know how i'm going.

how are wages determined in the labour market?
For this i included supply and demand and the wage equilibrium diagram. Is there anything else i might be able to use?

recent changes in legal framework of wage fixation.
i dun really get this part. does it mean what the government have done in terms of wages? Is is like AWAs and stuff?

Costs and benefits of recent labour market reforms
for this i wrote about income, inequality, productivity. Any more ideas?


Thank you so much for ur help.

 

[gnrlies]

certainly a supply and demand diagram is useful, but perhaps also consider what happens when a minimum wage is set (think about what happens in any market where a price floor is set).

Wage fixation typically means minimum wages. AWA's, certified agreements etc are usually negotiated above the minimum wage and are negotiated (so I suppose on aggregate comes down to the market for labour). We have recently gone from a process of minimum wages being set by the AIRC to the Australian Fair Pay Commission (at a commonwealth level only however).

Labor have proposed a change with their alternative - fair work australia.... Nothing has been implemented yet however.

 

[Satiric]

thanks so much!! i sorta get it now...atleast i can get started on the second part =D

 

[akira-sb]

Hey there,

i hate eco, but i can kinda help ya. With the labout market and how wages are determined you could always talk about the ethnicity and unskilled workers and make a comparision to skilled workers.
Are you in the top economics class in your skool? You could always ask your teacher for help. Or the top student =)

 

[munchiecrunchie]

since when do economics classes get graded . . .