Labour Markets

Question 1

Derived Demand for Labour

Answer 1

the demand for labour comes from the demand for a particular good or service

Question 2

Factors that affect the demand for labour

Answer 2

output of the firm/productivity of labour/cost of other inputs/

Question 3

factors that affect the supply for labour

Answer 3

pay/remuneration/working conditions/human capital/skills/education/training levels/occupational and geographic mobility of labour/participation rate

Question 4

employment definition

Answer 4

a person over the age of 15 who is currently employed and who works at least 1 hour a week for pay, profit or commission

Question 5

unemployment definition

Answer 5

persons aged over 15 years who are available to work and is actively seeking work

Question 6

how labour force is calculated

Answer 6

employed people and unemployed

Question 7

unemployment rate calculation

Answer 7

(u/e)/labour force x100

Question 8

types of unemployment

Answer 8

frictional/cyclical/structural/seasonal/long term