Understanding Minimum Wages and the National Living Wage in the UK

The video tutorial explores the concept of minimum wages, focusing on their effects on labor markets, advantages, and disadvantages. It delves into the UK minimum wage structure, historical trends, and international comparisons using the Big Mac index. The tutorial analyzes minimum wages in both competitive and monopsony markets, discussing the Keynesian and efficiency wage arguments. It evaluates the impact of minimum wages on employment, productivity, and poverty, and introduces the UK's National Living Wage, highlighting its implications and potential for age discrimination.

What are the potential effects of minimum wage on monopsony labor markets?

How does increasing the minimum wage affect consumer prices and business costs?

What are the implications of the national living wage introduced in the UK?

Evaluate the potential for age discrimination in hiring practices due to the national living wage.