The Elasticity of supply of labour - chapter 7

HideShow resource information
  • Created by: sammilaw
  • Created on: 01-04-16 14:14
View mindmap
  • The Elasticity of Supply of Labour
    • Chapter 7
    • The skills and qualifications required in the job
      • Elasticity of labour supply tends to be more inelastic for skilled jobs
    • The length of the training period
      • Jobs with long training periods may be more elastic
      • i.e. for doctors, lawyers etc it takes years to complete the required training
    • Sense of vocation
      • Jobs with a vocational element may be more inelastic
      • For teachers, nurses, doctors etc the reward is not entirely monetary so supply may not change much in response to a wage rate change
    • Time
      • In the LR, supply of labour will tend to be more elastic
      • i.e. due to notice period and training
    • The responsiveness of quantity of labour supplied to a change in wage rates


No comments have yet been made

Similar Economics resources:

See all Economics resources »See all The labour market resources »