labour supply
labour supplyThe supply of work effort. This is determined by many factors. The participation rate is the proportion of the population of working age who decide to seek work, rather than staying at home or dropping out. This is affected by rates of pay, the availability of jobs, and the rules of the social security system, which determine how much income is available without working. The size of the national labour force is also affected by immigration policy. The supply of workers with the specific skills or qualifications needed for particular types of work is affected by a country's education and training systems, and any past restrictions on entry to particular occupations. Given the size of the potential labour force the number of hours worked per week, or weeks worked per year, is affected by the wages offered. Higher pay may induce those in a given occupation to work longer, and may induce entry by...
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