What you’ll learn10 learning objectivesChoose one objective for a focused lesson, or study the complete topic.8.3.1Demand for labour• Demand for labour as a derived demandSyllabus objective8.3.2Labour demand determinants• Factors affecting demand for labour in a firm or an occupationSyllabus objective8.3.3Labour demand shifts/movements• Causes of shifts in and movement along the demand curve for labour in a firm or an occupationSyllabus objective8.3.4MRP theory• Marginal revenue product (MRP) theory:- definition and calculation of marginal revenue product- derivation of an individual firm's demand for labour using marginal revenue productSyllabus objective8.3.5Labour supply determinants• Factors affecting the supply of labour to a firm or to an occupation:- wage and non-wage factorsSyllabus objective8.3.6Labour supply shifts/movements• Causes of shifts in and movement along the supply curve of labour to a firm or an occupationSyllabus objective8.3.7Wages in perfect labour markets• Wage determination in perfect markets:- equilibrium wage rate and employment in a labour marketSyllabus objective8.3.8Wages in imperfect labour markets• Wage determination in imperfect markets:- influence of trade unions on wage determination and employment in a labour market- influence of government on wage determination and employment in a labour market using a national minimum wage- influence of monopsony employers on wage determination and employment in a labour marketSyllabus objective8.3.9Wage differentials• Determination of wage differentials by labour market forcesSyllabus objective8.3.10Transfer earnings and economic rent• Transfer earnings and economic rent:- definition of transfer earnings- definition of economic rent- factors affecting transfer earnings and economic rent in an occupationSyllabus objective