3.3 Supply Labour market

Labour market (Supply)

What is Supply of Labour

The number of hours workers are willing and able to supply at each given wage rate.

Factors affecting labour supply

Over time, substitute opportunities, barriers to entry, how much the wage is, other factors than cost, like health and safety, net migration of labour, and improvements in the occupational mobility of labour.

Occupational mobility of labour

The ability of workers to move between different jobs or professions in the labour market.

What causes extensions and contractions on a supply curve

High wages leads to an extension, low wages leads to a contraction.