Economics 12
- Created by: Gabrielle
- Created on: 30-12-13 12:12
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- Demand for Labour
- Governed by Supply and Demand
- Labour Market on a graph
- Horizontal axis = quantity of labour
- Vertical axis = wages
- Marginal product of labour is the increase in the amount of output from an additional unit of labour
- Shifts in demand
- Output Price
- Technological Change
- Supply of other factors of production
- Supply of Labour
- The Trade-off between Work and Leisure
- Shifts caused by change in taste
- Changes in Alternative Opportunities
- Immigration
- Human capital is the accumulation of investments in people that make them more productive
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