Supply of labour Flashcards
1
Q
Supply of labour is calculated by ?
A
Number of workers willing and able to work at the current wage rate multiples by the number of hours they can work
2
Q
Supply of labour is affected by ?
A
Wage rate-upwards sloping supply curve
Demographics of the population, Migration, Advantages of work, Leisure time, Trade unions, Tax’s and training
3
Q
What are transfer earnings ?
A
Minimum reward required to keep labour in occupation
4
Q
What is economic rent ?
A
Income earned that is above the minimum income required to keep the labour in the occupation
