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Economics 3.5.2 - Coggle Diagram
Economics 3.5.2
shift of supply right
decrease in wages in another industry
better working conditions
decreased training required or qualifications
net inward migration
increased benefits e.g. healthcare insurance
inelastic supply of labour
more skills needed
longer training period
a small wage cut in a profession like teaching because of vocation
short run
notice to leave
geographical immobility
labour supply curve
as wage rate increases, supply of labour increases
more incentive to work
proportional relationship
reservation wage is the minimum someone would be willing to work for
shift of supply left
net outward migration
increase in wages in another industry
increased danger levels
inconvenient times of work
elastic supply of labour
less skills needed
long run
shorter training period
no vocation
backward bending supply curve
income effect
workers can achieve desired amount of income by working fewer hours
substitution effect
as you earn more, the opportunity cost of taking time off increases
as wages increases, the number of hours worked increases until a certain point, when the number of hours falls
movements along the supply of labour curve
changes in wages