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14 cards from this deck
Measures responsiveness of quantity of labour supplied to wage change
Payment in excess of what's needed to keep factor in current use
Min. payment to keep factor in current use (opportunity cost)
Higher wages attract more workers to an industry
Higher wages may reduce quantity of labour supplied (more leisure)
Industries with specialized skills have lower supply of labour
Licensing/certification restricts supply of labour
Aging population reduces the supply of labour
High unemployment increases supply of labour to an industry
Generous benefits reduce incentive to work, reducing supply
More inelastic (specialized skills, lengthy training required)
More elastic (workers can easily enter/exit with minimal training)
More elastic (workers have time to adjust, acquire new skills)
£20£20£20 per hour
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