Summary
Summary Economics Labour Market
- Module
- Labour Market (EC)
- Institution
- AQA
Several documents with summaries on the various areas on the labour market
[Show more]
Seller
Follow
Content preview
Supply of Labour〰
The supply curve shows how much labour a
worker plans to supply at different WR. Labour supply — refers to
There is a positive relationship between the WR the number of people willing
and the SL. and able to work in different
industries and occupations.
As WR rises the quantity of workers attracted to
This includes the
the industry rises- both those that are
unemployed (economically
economically inactive as well as those returning to
active).
an industry (eg nursing).
〰 Economically inactive —
those not in work nor
seeking it. Eg FE students,
housewives, retired,
prisoners
〰 Participation rate — % of
the pop that’s economically
active (UK=75%)
Supply of Labour for the industry
In perfect competition, firm
is a wage taker so the SL
is horizontal.
In a monopsony, the firm is
the wage maker and the
sole employer (eg NHS).
They control wages and
the quantity of labour.
- Individual Supply of Labour
Individuals have a key choice between work and leisure (how to spend time). Leisure is an
opportunity cost of work and work is an opportunity cost of leisure.
Supply of Labour 1
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller alyssiadark16. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for £5.49. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
48298 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy revision notes and other study material for 15 years now