1.2.5 the labour market Flashcards
Factors affecting demand for labour
Demand for the final product
More cars sold, more mechanics needed
Availability of substitutes (machinery)
E.G machines replacing humans
Factors affecting supply of labour
population size, migration,age distribution of population, retirement age, school leaving age, skills and qualification, female participation
who provides the supply and demand for labour
firms and house holds
factors that affect the demand for labour
birth rate , school leaving age
factors affecting the supply for labour
migration and population size
how can a government over come the challenges of an aging population ?
by reducing the school leaving age and increasing taxes
advantages of migration
new work opportunities and new experiences , more supply of labour , mix of cultures , lot of diversity
disadvantages of migration
social isolation hard to adjust , can lead to overpopulation if not managed well
how school leaving age affects the supply of labour
more people entering the workforce, so supply goes up
define the labour market
is the human resource used in production
one benefit of increasing immigration for firms
will increase the supply of labour
labour mobility
is the ease with which workers can move geographically and occupationally between different jobs
how can a government promote occupation mobility
-by providing training courses
-ensuring education is delivered in schools that provides a variety of skills
trade unions
are an organisation representing people working in a particular industry or profession that protects their rights
