Glossary Category: Labour Market, Wage Determination - Page 2 - 3auk

factors affecting supply of labour

The supply of labour is determined by wage and non-wage factors that influence how many people are willing

A movement along the demand curve for labour happens only when the wage rate changes. This causes a

A shift in the labour demand curve happens when the amount of labour businesses want to hire changes

The demand for labour is influenced by several factors, not just the wage rate. These factors can increase

Marginal revenue product (MRP) is the extra revenue a business makes by hiring one additional worker, assuming other

The demand for labour is known as a derived demand. This means that businesses do not hire workers

A universal basic income (UBI) is a regular cash payment provided by the government to every citizen. This