3.5 - Factors Affecting Labour Supply Flashcards
1
Q
Which wage factors affect the supply of labour?
A
Salary + additional benefit
Overtime etc.
WR generally improves supply
Relative wage + utility
2
Q
How do entry barriers affect the supply of labour?
A
Artificial limits to supply
Qualifications etc
Increased average wage
3
Q
How does net migration of labour affect labour supply?
A
Net inward expands labour force
Increases availability of labour supply
4
Q
Which non-wage factors affect labour supply?
A
Conditions
Leisure time
Opportunities
Flexibility
Autonomy
5
Q
What is autonomy?
A
The ability to self-govern
6
Q
How does immobility affect labour supply?
A
Reduces actual supply
Difficult/infeasible to supply
