Supply And Demand For Labour - SS2 Economics Past Questions and Answers - page 1
What does the supply of labor refer to?
The number of workers that employers are willing and able to hire.
The number of workers who are willing and able to work in a particular job market.
The number of workers who are currently employed.
What does the demand for labour refer to?
The number of workers who are willing and able to work in a particular job market.
The number of workers that employers are willing and able to hire.
The number of workers who are currently unemployed.
What happens when the supply of labour exceeds the demand for labour?
There is a shortage of labour.
There is an oversupply of labour or unemployment
There is no effect on the labor market.
What happens when the demand for labor exceeds the supply of labor?
There is a shortage of labor.
There is an oversupply of labor or unemployment.
There is no effect on the labor market.
What does a healthy economy look like in terms of the supply and demand for labour?
There is a shortage of labour.
There is an oversupply of labour or unemployment.
The supply of and demand for labour is in balance.
What can influence the supply of labour in a particular job market?
Economic growth.
Changes in consumer demand.
Government policies related to employment.
What is the demand for labour?
The demand for labour refers to the number of workers that employers are willing and able to hire for a particular job market.
What happens when there is an oversupply of labour?
When there is an oversupply of labour, there is unemployment, and workers may have a hard time finding a job, and employers may not be motivated to offer high wages or good working conditions because they have a larger pool of workers to choose from.
What factors can influence the supply of labour?
The supply of labour can be influenced by factors such as population growth, immigration, education and training levels, and government policies related to employment.