Labour markets
- Created by: Lottie
- Created on: 01-12-11 17:20
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- The demand for Labour
- firm's willingness to employ labour at each given wage rate
- wage rate rises= demand for labour falls vice versa
Reasons why:
- increased wages= search for cheaper substitute for labour e.g. machinary
- increased wages= increase cost of production= increased price of product= less demand= less need for labour
The supply of Labour
- employees willingness to work at each given…
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