The Labour Market in South Africa (Grade 10 NSC Matric Economics): Flashcards

Interaction of people seeking work & businesses needing workers

Having a job but not working full days or using full skills

How many workers businesses want to hire at different wage levels

Businesses hire only when needed to produce goods/services wanted

Slopes downward: lower wages = more workers demanded

All economically active people willing and able to work

People who are both willing and able to work

Skilled workers leaving SA for better opportunities abroad

Slopes upward: higher wages attract more workers

Quantity of labour demanded equals quantity supplied