Economies of scale - The cost advantages a firm can gain by increasing the scale of production, leading to a fall in average cost., Labour market: - Where workers sell their labour and employers buy their labour; it consists of households supply of labour and firms’ demand for labour., Supply of labour - The total number of people who are willing and eligible to supply their labour, including the unemployed., Gross pay: - The amount of money that an employee earns before any deductions, Income tax: - A tax levied directly on personal income I.e. a tax on a person’s wages., National insurance - A contribution paid by workers, and their employers, towards the cost of state benefits., Net pay: - The amount of money that an employee is left with after deductions are made from the gross income., Pension: - A fixed amount paid at regular intervals to a person (usually retired), or their surviving dependents., Derived demand  - depends on the demand for the product that labour helps to produce. , State of economy - Boom ore recession , Wage rates - the downward slope of the demand curve inverse relationship between demand for labour and the wage rate , Productivity of labour - if prodiuctivity rises then unit cost goes down > supply side  , Wage + other non-monetary benefits - More on offer the more will be supplied , Barriers to entry - education/training/qualifications ,

1. Labour Market - OCR - GCSE

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