Influences on the Supply of Labour to Markets (AQA A-Level Economics): Flashcards
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Practise the cards
10 cards from this deck
Market supply of labour
Market supply of labour
Total labour workers supply at different wage rates
Direction of market labour supply curve
Direction of market labour supply curve
Upward sloping - positive relationship with wage rates
Primary factor influencing labour supply
Primary factor influencing labour supply
Money wage rate
Examples of non-monetary benefits (3)
Examples of non-monetary benefits (3)
Job satisfaction, working conditions, job security
Work-leisure trade-off
Work-leisure trade-off
Choice between supplying labour (income) vs leisure time
Opportunity cost of working one more hour
Opportunity cost of working one more hour
The leisure time that must be given up
Effect when leisure is a normal good
Effect when leisure is a normal good
Higher income increases leisure demand, supply shifts left
Wage elasticity of supply of labour formula
Wage elasticity of supply of labour formula
% change in labour supplied / % change in wage rate
Unskilled vs skilled labour supply elasticity
Unskilled vs skilled labour supply elasticity
Unskilled labour supply is more elastic than skilled
Elasticity in long run vs short run
Elasticity in long run vs short run
Supply is more elastic in the long run