3.5.2 - Supply of Labour

    Cards (14)

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