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Northern IrelandEconomics

Competition and the Labour Market

2 dot points across 2 inquiry questions. Click any dot point for a focused answer with worked past exam questions where available.

How does the amount of competition in a market change prices, choice and the way firms behave?

Explain the spectrum of competition from competitive markets to monopoly, the features and effects of each on price, choice, quality and efficiency, and why firms try to gain market power.
A CCEA GCSE Economics answer on competition and market structures, covering competitive markets, monopoly and the spectrum between them, the effects of competition on price, choice, quality and efficiency, barriers to entry, and how and why firms try to gain market power.
11 min answer →

What decides how much different jobs are paid, and why do some workers earn far more than others?

Explain how the demand for and supply of labour determine wages, why wages differ between occupations, and the effects of trade unions and a national minimum wage on the labour market.
A CCEA GCSE Economics answer on the labour market, covering how the demand for and supply of labour set the wage rate, the reasons wages differ between occupations, the role of trade unions, and the effects of a national minimum wage on pay and employment.
12 min answer →