labour supply curve

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• Backward bending supply curve of labour — This supply curve shows how the change in real wage rates affects the amount of hours worked by employees.Referring to the graph, if real wages were to increase from W1 to W2 then the worker will obtain a greater utility, due to their higher… …   Wikipedia

• Labour economics — seeks to understand the functioning of the market and dynamics for labour. Labour markets function through the interaction of workers and employers. Labour economics looks at the suppliers of labour services (workers), the demanders of labour… …   Wikipedia

• backward-sloping supply curve for labour — The preference for increased leisure over increased remuneration. Thus, when wage incentives are offered to improve productivity , labourers respond by working shorter hours to earn the same money rather than harder or longer to earn more money.… …   Dictionary of sociology

• Labour market flexibility — refers to the speed with which labour markets adapt to fluctuations and changes in society, the economy or production.DefinitionIn the past, the most common definition of labour market flexibility was the neo liberal definition. This entailed the …   Wikipedia

• Supply and demand — For other uses, see Supply and demand (disambiguation). The price P of a product is determined by a balance between production at each price (supply S) and the desires of those with purchasing power at each price (demand D). The diagram shows a… …   Wikipedia

• labour economics — Study of how workers are allocated among jobs, how their rates of pay are determined, and how their efficiency is affected by various factors. The labour force of a country includes all those who work for gain in any capacity as well as those who …   Universalium

• supply and demand — Relationship between the quantity of a commodity that producers have available for sale and the quantity that consumers are willing and able to buy. Demand depends on the price of the commodity, the prices of related commodities, and consumers… …   Universalium

• Phillips curve — The Phillips curve is a historical inverse relation between the rate of unemployment and the rate of inflation in an economy. Stated simply, the lower the unemployment in an economy, the higher the rate of increase in wages paid to labor in that… …   Wikipedia

• Aggregate supply — In economics, aggregate supply is the total supply of goods and services produced by a national economy during a specific time period. There are at least three different versions of this concept.1. Sometimes the Z curve in the Keynesian cross… …   Wikipedia

• Wage curve — The wage curve is the term used to describe the negative relationship between the levels of unemployment and wages that arises when these variables are expressed in local terms. According to David Blanchflower and Andrew Oswald (1994, p. 5), the… …   Wikipedia

• Monopsony — In economics, a monopsony (from Ancient Greek μόνος (monos) single + ὀψωνία (opsōnia) purchase ) is a market form in which only one buyer faces many sellers. It is an example of imperfect competition, similar to a monopoly, in which only one… …   Wikipedia