Labour Markets Flashcards

1
Q

Determinants of Demand for Labour

A

The state of the economy
Growth in particular markets
The productivity of Labour
Changes in Technology

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2
Q

How does the state of the economy affect Demand for Labour?

A

If the economy is growing then businesses will probably be to, and so they need more workers

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3
Q

How does growth in the economy affect Demand for Labour?

A

As the demand for smartphones has increased demand for programmers and salespeople will increase

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4
Q

How does the productivity of labour affect Demand for Labour?

A

If workers can make more then firms will want them more

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5
Q

How does changes in technology affect Demand for Labour?

A

Automation will replace workers shifting demand to the left, mechanisation assists workers shifting demand to right

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6
Q

Determinants of Supply for Labour

A

The education/experience required for the job
The size of the working age population
Non monetary factors
Wage in other jobs

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7
Q

How does education/experience required for the job affect Supply for Labour

A

The harder it is to do a job the fewer people will be able to supply their Labour

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8
Q

List non monetary factors

A

Job satisfaction
Opportunities for promotion
How sociable are the hours
How many holidays

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9
Q

What is automation?

A

Replacing workers with machines

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10
Q

What is mechanisation?

A

Assisting workers with machines

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11
Q

What are Wage Differentials?

A

Wage differentials are the difference in earnings between different groups based on their skills, education, experimental and the nature of the job they do

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12
Q

What is gross income?

A

The amount you earn before deduction

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13
Q

What is net income?

A

The amount you earn after deductions

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