LABOUR MARKETS theme 3

factors influencing demand for labour

price of product produced

demand for final product

Ability to substitute capital for labour

Productivity of labour

factors influencing supplyof labour

training period

wages in other occupations

changes in migration policy

income tax levels

working conditions

trade union power

level of welfare benefits

social trends

market failure in labour markets

geographical immobility of labour

occupational mobility of labour

current labour market issues

skills shortages

youth unemployment

changes to retirement ages

school leaving age

zero hour contracts

temporary/flexible working

policies to tackle labour market immobility

improved training/education

target skill shortages

subsidising employers

reloaction subsidies

reduciing information asymmetry

reducing discrimination

factors that unfluence PED of labour

the proportion of labour costs to total costs

ease and cost of factor substitution

PED of final product

time period