Economics 12

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  • Created by: Gabrielle
  • Created on: 30-12-13 12:12
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  • Demand for Labour
    • Governed by Supply and Demand
    • Labour Market on a graph
      • Horizontal axis = quantity of labour
      • Vertical axis = wages
    • Marginal product of labour is the increase in the amount of output from an additional unit of labour
    • Shifts in demand
      • Output Price
      • Technological Change
      • Supply of other factors of production
    • Supply of Labour
      • The Trade-off between Work and Leisure
      • Shifts caused by change in taste
      • Changes in Alternative Opportunities
      • Immigration
    • Human capital is the accumulation of investments in people that make them more productive


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