Transfer earnings represent the minimum amount a worker must be paid in their current job to prevent them
Tag: labour supply
equilibrium wage rate
The equilibrium wage rate (W*) is the specific wage level where the number of workers employers want to
movement along supply curve of labour
A movement along the labour supply curve happens only when the wage rate changes. This change leads to
shifts in supply curve of labour
A shift in the labour supply curve happens when the amount of labour workers are willing and able
factors affecting supply of labour
The supply of labour is determined by wage and non-wage factors that influence how many people are willing