Labour market Flashcards
1
Q
What are the factors that influence demand for labour?
A
- Wage rates
- ability to substitute
- demand for products = derived demand
- productivity
- state of economy
2
Q
What are the factors that influence supply of labour?
A
- wage rate
- migration rate
- population and demographics
- taxes and benefits
- training
3
Q
How might a government intervene in the labour market?
A
- Minimum wages
- Public sector wage setting
- policies to tackle labour market immobility
