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Economics 3.5.3 - Coggle Diagram
Economics 3.5.3
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trade unions
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benefits
collective bargaining to campaign for better pay, working conditions, better training, pensions
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membership is falling because trade unions have less power now and legislation is better now, deindustrialisation means there is less need for trade unions
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national minimum wage
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labour demand for minimum wage workers is elastic because they are substitutable and labour takes up a large proportion of TC
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equilibrium wage rate
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employees are employed up to the point where the additional revenue they generate is equal to the cost of hiring them