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Labour

QuestionAnswer
Define labour Human activity directed towards production of wealth
What is the demand curve for labour? Its MRP curve
Name 8 factors affecting demand for labour MRP of worker. Wage rate. Output demand. Price of other factors. Government incentives. New technology. Corporation tax. Entrepreneurs expectations.
Define supply of labour The total number of hours worked in an economy during a specific period.
Name 7 factors affecting labour supply Pop. size. Wage levels. Participation rate. Income tax levels. Number of hours worked. Labour mobility. Government policies.
What shape does the labour supply curve have? Backwards bending
Define wage drift When demand for labour increases beyond available supply and wages increase above negotiated levels
What is a ratchet economy? An economy which experiences price increases due to increased demand which don't fall when demand falls
Define geographic mobility The ability of workers to move from one area to another
Name 5 policies which increase geographic mobility Increase housing. Educational facilities. Social infrastructure. Government supports. Updated information.
Define occupational mobility The ease of a worker to change from one job to another
Name 4 policies which increase occupational mobility Education courses. Training. Government policies. Trade union barriers.
Name 4 factors which restrict geographic mobility Social connections. Disruption to education. Cost of buying property. Fear of change.
Name 3 factors which restrict occupational mobility Degree of skill. Retraining costs. Professional barriers to entry.
Name four factors which influence demand for labour Percentage of labour costs to total costs. Substitutability of labour. Elasticity of demand for finished good. Productivity of labour.
Name 9 factors affecting labour efficiency Level of training. Management expertise. Level of education. Innate talent. Quantity/quality of factors of production. Living conditions. Specialisation. Climactic conditions. Worker dedication.
Why do different types of workers receive different wages? Skill sets. Length of training. Qualifications. Job conditions. Innate talent. Tradition. Non monetary benefits. Trade union strength.
Why is MRP not suitable for public wage sector? Physical output not always produced. Non market output. Capital and labour used together.
How may public sector wages be set? Pay comparability. Benchmarking.
Created by: JackEatonK98
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