Labour market

Question 1

Fundamental about labour

Answer 1

The demand for labour is derived demand based on demand for the product, that labour makes

Question 2

2 types of factor affecting supply of labour

Answer 2

Monetary

Non-monetary

Question 3

5 factors affecting labour supply

Answer 3

Population/migration 
Net advantages to work (Free childcare increasing to 30hours)
Wage rate + substitute rates
Non-monetary characteristics
Barriers to entry

Question 4

4 labour market demand factors

Answer 4

Wage rate
Demand for products
Cost of capital substitute
Profitability of firms

Question 5

4 causes of wage differentials

Answer 5

Human capital differences
Lesser skilled labour= high supply therefore high elasticity
Non-monetary factor compensation
Discrimination