Supply of labour 3.5.2

Question 1

What 7 non wage factors shift labour supply curve

SIMBPOV

Answer 1

Substitute wage
Incentives
Mobility of labour
Barriers to entry
Population
Overtime
Value of leisure time

Question 2

If lots of skils are needed in the short run the supply of labour will be

Answer 2

inelastic

Question 3

If unemployment is high the supply of labour will be

Answer 3

elastic

Question 4

In the short run if wages increase the supply of labour will be

Answer 4

inelastic as workers dont have enough time to train

Question 5

In the long run if wages increase the supply of labour will be

Answer 5

elastic as theres enough time to train

Question 6

Geographical immobility of labour

Answer 6

Workers find it difficult to move from one geographical area to another in order to secure employment

Question 7

Occupational mobility of labour

Answer 7

Ability of a worker to change occupations when they lose a job

Question 8

Determinants of wage elasticity of supply

PVLTS

Answer 8

Pool of potential workers
Vocational element
Length of training
Time
Skills required