It refers to everyone who is seeking work all over the world. It is made up of all those who supply labour and demand it
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Where has the global labour force migrated to?
From the rural areas to the cities, to the service sector and to other countries with a higher labour force demand
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Why are new workers entering the workforce in developed economies declining?
Because of lower birth rates
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What does an increase in the supply of labour do to the labour market?
It makes it more competitive but for some it reduces incomes
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When does structural change occur?
When resources are being reallocated
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Why has pay for those with scarce skills increased?
Because as technology has improved, the demand for skilled workers has increased faster than the ability of the education and the training system to supply them
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How how labour markets become more interdependent?
Because of globalisation and economies becoming more integrated because of trade liberalisation and the creation of trade blocs
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How can recruiting workers from overseas cause skill shortages?
It has implications for the labour market from where they came as there can be a depletion of skilled workers as workers will go where the wages are the highest
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How can cheap labour in emerging economies affect developed economies?
The availability of cheap labour in emerging economies will mean they are more likely to get employed than labour from the developed economies as it will result in higher profits
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What will happen to wage rates if workers are willing to accept cheaper wage rates abroad?
It will force the domestic economy to reduce their wages in order to maintain competitive
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What effect does offshoring have on unskilled workers in the domestic economy?
It lowers their disposable income as they will have to lower their wages in order to be competitive with cheap labour abroad
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What is the primary sector?
Getting raw materials from the natural sector e.g. farming, mining
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What is the secondary sector?
Making things e.g. cars, steel
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What is the tertiary sector?
Providing a service e.g. teaching, nursing
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What is the quaternary sector?
Research and development e.g. IT
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Other cards in this set
Card 2
Front
Where has the global labour force migrated to?
Back
From the rural areas to the cities, to the service sector and to other countries with a higher labour force demand
Card 3
Front
Why are new workers entering the workforce in developed economies declining?
Back
Card 4
Front
What does an increase in the supply of labour do to the labour market?
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