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Demand for and supply of labour
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Give one reason why labour supply in a job may be low.
Long training period / dangerous work / poor working conditions.
How can higher productivity affect wages?
More productive workers may earn higher wages.
Why may labour demand increase during economic growth?
Firms produce more and need more workers.
How can trade unions influence wages?
They may negotiate for higher wages and better working conditions.
What is meant by a wage rate?
The amount paid to a worker for their labour.
What is geographical mobility of labour?
The ability of workers to move between locations for work.
What is occupational mobility of labour?
The ability of workers to move between jobs.
Why are doctors usually paid more than shop assistants?
Doctors require more training and skills and are in shorter supply.
Give one non-financial factor affecting labour supply.
Working conditions / job satisfaction / flexible hours.
Using a DL and SL diagram, show an effect of worsening working conditions on the labour market.
Using a DL and SL diagram, show an effect of an increased automation on the labour market.
Why might firms reduce labour demand after introducing machines?
Machines can replace workers.
Using a DL and SL diagram, show an effect of an increased immigration on the labour market.
Using a DL and SL diagram, show an effect of a better education on the labour market.
What happens if wages are below equilibrium?
Labour shortage.
What happens if wages are above equilibrium?
Labour surplus/unemployment.
What is the equilibrium wage rate?
The wage where demand for labour equals supply of labour.
Why may highly skilled workers earn higher wages?
Their skills are scarce and more productive.
What is meant by derived demand?
Demand for labour depends on demand for the goods and services workers produce.
Give two factors that can decrease the demand for labour.
Recession / automation / lower demand for products.
Give two factors that can increase the demand for labour.
Higher demand for products / economic growth / increased productivity.
What usually happens if wages increase?
Demand for labour decreases, supply of labour increases.
What is meant by the supply of labour?
The number of workers willing and able to work at different wage rates.
What is meant by the demand for labour?
The number of workers firms are willing and able to hire at different wage rates.
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