F583

understand the structure of earnings and employment in the UK

describe, in general terms, the recent trends in UK employment and earnings

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explain the above trends using the categories of age, gender, ethnicity, occupation, region and sector

make broad comparisons in terms of employment and earnings structures between the UK and the rest of the EU, and between the UK and other selected non-EU economies

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explain what is meant by unit labour cost and productivity

discuss the implications of variations in unit labour costs and productivity

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distinguish between work and leisure and the range of leisure activities

understand how to categorise leisure time into its competing uses

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understand in broad terms the contribution of the leisure industries to an economy

understand and apply concentration ratios within the leisure industry

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Broad comparisons of the structure of earnings and employment between the UK and the rest of the EU, and with other international economies.

Unit labour cost and productivity comparisons and their implications. The distinction between work and leisure. Time as a constraint. Distinguishing between different uses of leisure time and the allocation of time between these different categories

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The structure of UK employment and earnings categorised by age, gender, ethnicity, occupation, region and sector.

understand the nature of costs in the short and long run

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understand the nature and influences on firms’ revenues

explain what is meant by economies and diseconomies of scale and how firms might be affected by these

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explain the models of market structure: – monopoly, – oligopoly, – monopolistic competition

evaluate the implications of different market structures for resource allocation in theory and practice

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The costs and revenues of firms: total, average and marginal concepts.

Short- and long-run distinction. Economies of scale. Firms’ objectives: • profit maximisation; • alternative objectives.

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The concept of an efficient market structure in terms of costs, prices, output and profit. The models of market structure: • monopoly; • oligopoly; • monopolistic competition. The concept of contestability in markets

Comparisons of outcomes in these different market structures.

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Application of these models to the behaviour of firms in leisure markets, to include the markets for holidays and leisure travel, spectator sports, broadcasting and cinema admissions.

Efficiency considerations. Importance of barriers to entry in determining the degree of competition and contestability in selected leisure markets. Regulation and ownership in leisure markets.

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explain the characteristics of a contestable market

apply the outcomes of the models of market structures to the actual behaviour of firms in leisure markets

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discuss the relationship between efficiency and market structure in leisure markets

analyse and comment upon the structure of leisure markets to include those for: – holidays and leisure travel, – spectator sports, – broadcasting, – cinema admissions;

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explain what is meant by regulation

evaluate the impact of regulation and ownership in selected leisure markets;

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discuss the objectives and behaviour of firms in leisure markets.

Determination of wages and employment in terms of supply and demand for labour in a market/occupation/firm.

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Labour as a derived demand: • marginal revenue product and its determination; • elasticity of demand for labour and its determinants.

Supply of labour in the short run: the choice for the individual between income and leisure, including the backward-sloping supply curve.

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explain what is meant by the derived demand for labour in terms of marginal revenue product

explain the derivation of the supply curve of labour, both in the short and long run;

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discuss the usefulness of supply-side concepts, including net advantages and pecuniary and non-pecuniary benefits

analyse how wage rates are determined in theory in a competitive labour market

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Supply of labour in the long run: • net advantages; • pecuniary and non-pecuniary benefits; • positive and negative factors.

The influence of education and training on human capital

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Transfer earnings and economic rent; elasticity of supply, and factors influencing it

evaluate the usefulness and relevance of the above model of wage determination within contemporary, real-world labour markets

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understand what is meant by elasticities of demand for, and supply of, labour and explain the factors that determine both

define the terms transfer earnings and economic rent and explain their application to labour market situations

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Causes and consequences of labour market failure: • monopsony; • union power; • imperfect information; • skill shortages; • economic inactivity; • unemployment; • discrimination; • segmented labour markets; • geographical and occupational immobility

understand the main causes of market failure in the labour market;

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analyse the nature of the various causes of labour market failure and explain the consequences for wage rates, labour supply and demand, and levels of employment;

discuss the wider economic effects of labour market failures

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describe, in general terms, the trends in trade union membership in the UK;

The changing nature and role of the trade union movement, trends in union membership, forms and outcomes of bargaining (including performance-related pay, local agreements and collective bargaining).

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Methods to achieve labour market flexibility and the implications of labour market flexibility.

The meaning, measurement and causes of inequality and poverty

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Government policies towards: • pensions; • inequality; • poverty; including in each case where applicable: • the roles and effects of taxes and benefits; • reform of the tax and benefits system; • the minimum wage.

Government policies to remove or reduce labour market failure. The impacts of migration and EU directives on labour markets.

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understand the forms of bargaining in the UK and use them to evaluate theories of wage determination;

identify different types of labour market flexibility;

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discuss the consequences of flexibility for the operation of labour markets in the UK

analyse why government intervenes in the labour market

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evaluate the consequences of such intervention;

understand the nature and causes of inequality and evaluate measures to reduce inequality in the UK;

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discuss the implications of an ageing population and government responses to this growing issue;

discuss how the UK labour market is affected by EU directives and evaluate the effects on UK firms and workers

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discuss the impact of migration on labour markets.

MONOPOLY

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