Influences on labour supply to different markets

• What is the supply of labour calculated by?

  Number of workers times hours worked
• What are the two main types of considerations influencing the supply of labour?

  Monetary and non-monetary considerations
• What do non-monetary considerations include?

  Job satisfaction and working conditions
• How does the wage rate affect the supply of labour?

  Higher wages increase the number of workers willing to work
• What does the upward sloping supply curve represent?

  Relationship between pay and worker willingness

  
• How do demographics influence the supply of labour?

  More people able to work increases labour supply
• What factors can change the demographics of the population affecting labour supply?

  Retirement age, school leaving age, immigration
• How does migration affect the supply of labour?

  Migrants increase labour supply at all wage rates
• Why does migration particularly affect lower wage rates?

  Migrants often come from lower wage economies
• What are some advantages of work that influence labour supply?

  Lower costs of working and high benefits
• How does leisure time influence the supply of labour?

  Leisure is a substitute for work
• What factors influence a person's choice between work and leisure?

  Age, taxes, dependents, income from not working
• How can trade unions affect the supply of labour?

  They can attract workers by defending rights
• What might happen if taxes are too high and benefits too generous?

  People may withdraw from the labour market
• How does training affect the supply of labour?

  High training requirements may reduce labour supply
• What effect does government subsidizing training have on labour supply?

  It can increase the supply of labour