-Recession
-Decreased demand for the product the worker produces
£11.44 per hour
Households (individuals)
Occupational licenses restrict the number of workers available to do the job, shifting labour supply curve left and pushing up wages.
Trade unions typically restrict supply of labour (by insisting firms hire from the union), shifting labour supply curve left and pushing up wages.
-If labour is more expensive, employers want less of it.
-Workers are paid for the revenue they can make for the firm.
-Workers who are not skilled enough to make revenue above the minimum wage will not have a job.
More generous welfare payments decreases the incentive to work, shifting labour supply curve to the left.