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Explain the changes that have occurred in the level of regulation in the Australian labour market over the past 100 years and discuss the arguments in favour of and against these changes.
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Working Conditions
The environment, terms, and circumstances under which employees work, including aspects like hours, safety, rights, and wages.
Marginal Productivity
The additional output produced as a result of employing one more unit of a factor of production, holding all other factors constant.
Efficiency Wages
Salaries set above the market equilibrium, intended to increase productivity and efficiency by attracting better employees, reducing turnover, and motivating workers.
Above-equilibrium Wages
Wages set higher than the market equilibrium wage, often used by employers to attract better talent, reduce turnover, or motivate employees.
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