The amount of money that has to be paid to people for them to work for a period of time
1 of 7
What are the factors affecting demand for labour
Demand for the product. Availability of substitues. Productivity of Labour. Other Employment costs
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How does demand for the product affect demand for labour
it is a derived demand. Meaning when it rises because there is demand for another good
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How does availability of substitutes affect demand for labour
If firms believe machins are more efficient and cheaper, they will substitute.
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How does productivity of labour affect demand for labour
If every worker is able to produce more output, demand for workers is likely to increase. Production becomes more profitable, provided the extra output can be sold.
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How does other employment costs affect demand for labour
Stuff like national insurance contributions, or cost of pensions
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Factors affecting the supply of Labour
Population size. Migration. Age distribution of the population. Retirement age. School leaving age. Female participation. Skills and qualification. Labour mobility.
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Other cards in this set
Card 2
Front
What are the factors affecting demand for labour
Back
Demand for the product. Availability of substitues. Productivity of Labour. Other Employment costs
Card 3
Front
How does demand for the product affect demand for labour
Back
Card 4
Front
How does availability of substitutes affect demand for labour
Back
Card 5
Front
How does productivity of labour affect demand for labour
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