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Inequity, Wage determination in a labour market - Coggle Diagram

- - - - due to
        
        demand factors
        
        affected by the amount of revenue that certain occupations can generate e.g senior layer (high revenue →high demand) vs waiter (low revenue → low demand)
        
        supply factors
        
        affected by differences of natural ability
        
        differences in length and costs of training and education
        
        extent of government regulation on the supply of foreign labour
        
        presence of trade unions and professional associations
        
        non-monetary attributes of a job (risky jobs → lower supply)
      - persists due to
        
        occupational immobility (moving from one occupation / sector to another)
        
        geographical immobility (moving from one location to another)
  - - - maximum price (price ceiling)
      - minimum price (price floor)
    - - progressive taxation
    - - Transfer payments
      - In kind transfer (vouchers)