Supply of Labour Flashcards
1
Q
8 Factors affecting the supply of labour
A
Training
Migration
Benefits and Taxes
Leisure
Trade Unions
Advantages of Work
Demographics of population
Wage Rate
2
Q
4 Factors affecting the wage elasticity of Supply of Labour
A
Skills involved in the Job
Length of Training
Sense of Vocation
Time Period
3
Q
Explain Transfer Earnings
A
The minimum income needed for labour to stay in their current occupation
4
Q
Explain economic rent
A
The income that is received above the transfer earnings. Above the minimum amount needed to keep labour in the occupation
