The Labour Market: Workers, Wages, and Unemployment - Shifts in labor supply

8 important questions on The Labour Market: Workers, Wages, and Unemployment - Shifts in labor supply

What does an increase in labor supply indicate?

It shows changes in the number of people willing to work at every wage.

What factors contribute to an increase in labor supply?

Factors include population growth, immigration, and delayed retirement.

Who can contribute to greater workforce participation?

More women and students entering into the workforce can contribute.
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What can lead to a decrease in labor supply?

A decrease can result from an aging population or emigration.

What are some reasons for an aging population affecting labor supply?

Reasons include earlier retirements and workers dropping out of the workforce.

How can cultural changes impact labor supply?

Cultural changes may cause drops in participation due to childcare responsibilities.

What role does immigration play in labor supply?

Immigration increases labor supply by bringing more people ready to work.

How can delayed retirement affect labor supply?

Delaying retirement increases the number of older workers still employed.

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