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Challenges Faced by Small Firms


Analyse why workers with the same skills may be paid different wage rates.


Labor Market and Income Distribution

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Preview Answer

I. 🍃Introduction
- Explanation of the factors that affect workers' bargaining power and wages

II. Factors affecting workers' bargaining power
- Trade unions and their strength
- Willingness to accept lower paid jobs
- Differences in demand for workers in different countries/areas/industries
- Differences in supply of workers in different countries/areas
- Public vs private sector employment

III. Factors affecting workers' wages
- Experience and responsibility
- Discrimination
- Lack of awareness of wage disparities
- Overtime pay

IV. Example of a discriminated group of workers

V. 👉Conclusion
- Summary of the factors affecting workers' bargaining power and wages

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