Economics Year 13 revision Day 13 - Perfectly competitive labour markets

On day 13 of the Year 13 Recap, we review the theory of perfectly competitive labour markets.

Even though there are very few markets for labour that are perfectly competitive, understanding the theory of perfectly competitive labour markets such as the demand for labour and supply of labour curves, allows you to analyse the impact of labour market policies on the wage rate and the number of people employed.

This can be used from both a micro and macro perspective and is of particular importance when sitting the Synoptic Paper (Paper 3).

Here Jacob guides you through the revision slide on the theory of labour markets.