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Theme 3
Labour Market
3.5.2 - Supply of Labour
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Created by
Saberie Mohammad
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Cards (14)
What is the definition of labour supply?
Total hours
workers
are willing to work
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What does the real wage rate refer to?
The purchasing power of wages adjusted for
inflation
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What are non-wage benefits?
Perks
like healthcare and pensions
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How does the skills gap affect labour supply?
Specialised jobs have
inelastic supply
due to training
barriers
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What is occupational mobility?
The ability to move between
different
jobs
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What is geographical mobility?
The ability to move to
different
locations for work
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What does wage elasticity of supply indicate?
How responsive
labour supply
is to wage changes
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What is inelastic labour supply?
Labour supply that does not change much with
wage changes
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What demographic factor can reduce workforce availability?
Aging
population leading to more
retirees
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How does migration affect labour supply?
An
influx
of workers increases labour supply
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What is the impact of a recession on labour supply?
Labour supply may
fall
as workers
exit
the market
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What happens to labour supply during a boom period?
More people seek
employment
,
increasing supply
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What factors affect labour supply?
Wage rates
Working conditions
Skills and qualifications
Non-wage benefits
Demographics
Economic conditions
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What is the summary of factors affecting labour supply?
Higher wages attract
workers
Better working conditions increase supply
Aging population reduces
workforce availability
Migration
increases labour supply
Economic booms
increase supply
Recessions
can reduce supply
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