Diminishing marginal returns... as more worker come in they bring less and less revenue

In long run all factors of production are variable... threfore there is now a substitutable nature between labour and capital

Many jobs in rw are not individual but are teamwork based

Difficult in jobs such as teaching to measure productivity...

self employed... pay above their MRP as have different objectives to big firms

MRP suggest suggests that firms will only demand workers if the MRP is at least equal to wage rate, however...

Labour costs as a proportion of total costs (large percentage highly elastic)

The number of workers willing and able to work in a profession at a given wage rate in a given time period

The labour market is opperating efficientyly at competitive levels.... trade unions up the wage and firms go fine but we will fire a bunch of you... as they should

Strength comes from the unions density... density being the percentage number of worker that are members of a union

Success coms from the union mark up... the wage that unions make above the wage the employer sets

To be successful the economy must be in a period of strength, not turmoil or recession

TUs are weakened by regulation... governments can use regulation as a supply side policy to improve the efficiency of labour

Trade unions can have significantly negative long run impact on firms as increasing the C of P funnily enough decreases dynamic efficiency, decrease competitiveness and could lead to them closing shop

change in structure of the econ... ask others why this is the case

Opportunity for workers to negotiate their own pay and conditions

Firms - reduces C of P allowing reduction of prices and boosted profitability... leading to greater long run profit

Economy - if dynamic efficiency occurs economic growth increases

Worker - Dynamic Efficiency and C of P are reduced... leading to greater employment / conditions of employment

Exploitation of workers (especially vulnerable workers).... no economic rent therefore they have lower incomes and standard of life despite having the same MRP as another worker earning a higher wage

reduces wages for all worker in a profession... even for non discriminated... as higher wages on offer for those in certain groups attracts more of those workers, increasing s, and reducing their wages

Increases the costs for businesses... admin for this is large... net result could be lower

Increases income inequality moving Gini coefficient towards 1... government must then intervene

Discrimination through professions employers deem fit only for meant and not women or vice versa

Total refusal by an employer to promote women or any other group to positions of seniority

total refusal for an employer to take on workers from the discriminated against group

Potential information failure... outdated information could lead to outdated decisions

lower wages and potentially unemployment/underemployment

non discriminated workers will benefit in the SR from higher wages... but in the LR weak Econ performance and they will suffer too

Economy will operate below its capacity which will Hamer growth... will almost certainly lead to a brain drain