Labour supply Flashcards
1
Q
What is labour supply?
A
it is the no. of workers willing and able to work in a particular job or industry for a given wage
2
Q
why does the labour supply curve slope upwards?
A
at a higher wage rate, more workers are incentivised to enter the profession
3
Q
factors influencing labour supply:
A
- geo factors
- non money characteristics
- population size and structure
- barriers to entry
- training length
- substitute occupation wages
