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Economics

Student Videos

Equilibrium Wages (Labour Markets)

Level:
AS, A Level, IB
Board:
AQA, Edexcel, OCR, IB, Eduqas, WJEC

The equilibrium market wage rate is at the intersection of the supply and demand for labour. Employees are hired up to the point where the extra cost of hiring an employee is equal to the extra sales revenue from selling their output.

Wages in the UK

In April 2017, median gross weekly earnings for full-time employees in the UK were £550, up 2.2% from £539 in 2016.

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