Evaluate the microeconomic and macroeconomic effects of labour shortages in the UK, or a developed economy of your choice
Edexcel A-Level Economics Paper 3 June 2023 Insert
Evaluate the microeconomic and macroeconomic effects of labour shortages in the UK, or a developed economy of your choice. (25 marks)
Plan
- Paragraph 1
- Argument: one microeconomic factor that affects labour shortages is occupational mobility of labour; training schemes
- Diagram: positive externalities, low labour supply diagram
- Evaluation: depends on government intervention e.g. training schemes, and other factors e.g. geographical mobility of labour
- Paragraph 2
- Argument: one macroeconomic cause for labour shortages could be poor incentives for skilled labour e.g. high income taxes
- Diagram: low LRAS
- Evaluation: trade offs as reducing national debt could be a higher priority
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