Chapter 10: Development, Inequality, Financial Markets and Emerging Economies

A-level EconomicsAQA / OCR / Pearson Edexcel / WJEC Eduqas12 topicsHigher

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Edexcel A-level Economics The Labour Market - Authored Long Answer Questions

Examiner-style long-answer practice with automatic marking, improvement advice and ProofCoach tracking.

4 questions47 marks70.5 min

standard / hard / synoptic

4 markscalculatestandardEdexcel

E35: Evidence for The Labour Market

Evidence measure with unit	2020 value	2024 value	Context or unit
vacancy, wage and employment figures	100.0	108.5	index or percentage as stated
nursing, construction and digital-skills labour markets	baseline	changed	UK or global context
MRP, monopsony power and trade-union bargaining affecting wages and employment	lower impact	higher impact	directional evidence

E35A Calculate or define the key economic measure in The Labour Market, using the data evidence provided for nursing, construction and digital-skills labour markets.

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9 marksanalysehardEdexcel

Labour market equilibrium: nursing sector, UK 2023

The equilibrium real wage W* (about GBP14/hr) and employment level L* (about 380,000 nurses) are determined by the intersection of labour supply and marginal revenue product of labour (demand). NHS monopsony power can suppress wages below W*.

E35B Using Figure 1 and your knowledge, analyse the economic effects shown by the diagram below in relation to nursing, construction and digital-skills labour markets. In your answer, identify the model, curve labels, any shift shown and the likely impact.

Label the horizontal axis and vertical axis precisely with units.
Label the relevant curves and show the direction of shift.
Label the new equilibrium point and explain the change.

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9 marksexplainstandardEdexcel

E35: Evidence for The Labour Market

Evidence measure with unit	2020 value	2024 value	Context or unit
vacancy, wage and employment figures	100.0	108.5	index or percentage as stated
nursing, construction and digital-skills labour markets	baseline	changed	UK or global context
MRP, monopsony power and trade-union bargaining affecting wages and employment	lower impact	higher impact	directional evidence

E35C Explain how MRP, monopsony power and trade-union bargaining affecting wages and employment could affect economic agents in the UK economy or global economy.

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25 marksevaluatesynopticEdexcel

E35: Evidence for The Labour Market

Evidence measure with unit	2020 value	2024 value	Context or unit
vacancy, wage and employment figures	100.0	108.5	index or percentage as stated
nursing, construction and digital-skills labour markets	baseline	changed	UK or global context
MRP, monopsony power and trade-union bargaining affecting wages and employment	lower impact	higher impact	directional evidence

E35D Evaluate the extent to which MRP, monopsony power and trade-union bargaining affecting wages and employment is likely to improve economic performance, using vacancy, wage and employment figures and your wider economic knowledge.

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9. International Economics: Trade, Exchange Rates and Globalisation

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Key learning objectives

Understand the key principles behind Development, Inequality, Financial Markets and Emerging Economies.
Apply these ideas to exam-style questions.
Recall the essential definitions and key terms.