The Labour Market Flashcards
1
Q
What affects the elasticity of demand for labour
A
Time
Availability of substitutes
Elasticity of demand for the product
The proportion of labour costs to total costs
2
Q
What affects The labour supply of a particular occupation
A
Convenience and flexibility Promotion Job security Working conditions Holidays and leisure time Fringe benefits Job satisfaction
3
Q
What is net advantage
A
Adam smith suggested
The overall rewards to a particular occupation, taking into account both monetary and non-monetary factors
4
Q
What affects an individual’s demand for labour
A
The price of labour
Productivity
Price of other factors of production
Supplementary labour costs
