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  • Anforme What Factors Influence the Supply of Labour in an Economy?

Anforme What Factors Influence the Supply of Labour in an Economy?

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Maziar Homayounnejad of Queen Elizabeth’s School, Barnet, discusses the supply side in the market for labour. He illustrates how government policies and other factors have aimed to influence the number of people offering themselves for work.

Summary of Key Points:

  • The supply of labour is the total number of labour hours offered for work at a given wage rate, and will increase as more people enter the workforce or as more workers agree to do overtime.
  • Changes in the wage rate will cause a movement along the labour supply curve, while a change in any other factor affecting labour supply will cause a shift of the curve.
  • The supply of labour is affected by numerous factors including the wage rate, migration patterns, changes in income tax, benefit reform, trade unions, government labour regulations, changes in the retirement age and female participation in the workforce.
  • The supply of labour has both micro implications (the determination of wage rates in individual labour markets) and macro implications (its impact on productive capacity, GDP, inflation and the balance of payments).

This article was in ET Volume 17 Issue 2.

Maziar Homayounnejad of Queen Elizabeth’s School, Barnet, discusses the supply side in the market for labour. He illustrates how government policies and other factors have aimed to influence the number of people offering themselves for work.

Summary of Key Points:

  • The supply of labour is the total number of labour hours offered for work at a given wage rate, and will increase as more people enter the workforce or as more workers agree to do overtime.
  • Changes in the wage rate will cause a movement along the labour supply curve, while a change in any other factor affecting labour supply will cause a shift of the curve.
  • The supply of labour is affected by numerous factors including the wage rate, migration patterns, changes in income tax, benefit reform, trade unions, government labour regulations, changes in the retirement age and female participation in the workforce.
  • The supply of labour has both micro implications (the determination of wage rates in individual labour markets) and macro implications (its impact on productive capacity, GDP, inflation and the balance of payments).

This article was in ET Volume 17 Issue 2.

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