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332: Costs
333: Internal Economies of Scale
334: Internal Dis-Economies of Scale
335: Profit
336: Wages
337: Demand for Labour
338: Law of Supply of Labour
339: Factors Affecting the Supply of Labour
340: Efficiency of Labour
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331: Mobility
Geographical mobility: the ease with which workers move from one place to another
Occupational mobility: the ease with which workers move from one occupation to another
..
332: Costs
Fixed costs: costs that do not change (in the short run) with the change in the output level
1. e.g. House will always have the same amount of rent no matter how m..
333: Internal Economies of Scale
Scale: level of output
(Internal) Economies of Scale: cost advantages that a business enjoys in the form of lower cost per unit/average cost when the level of out produced/scale of production&nb..
334: Internal Dis-Economies of Scale
Internal dis-economies of scale: cost
disadvantages that a business will experience in the form of higher
average cost of production when a firm expands the level of production
Management Disec..
335: Profit
Profit = Revenue - cost of production
Savings = income over and above consumption expenditure
Factors that affect savings are:
1. The level of income: it is the la..
336: Wages
ncome - Deductions = disposable incomes
Deductions = income tax/membership bill
Disposable income = consumption (C), savings (S), investment (I)
Net pay: the disposable income. Also call..
337: Demand for Labour
Demand for labour: a derived demand. Demand for labour is indirect.
1. The demand for labour is determined by the demand for the output produced by the labour: The..
338: Law of Supply of Labour
(The amount of people who have a willingness to work)
supply of labour: the exception to the law of supply. It is called backward bending supply curve of labour.
After a while of paying more an..
339: Factors Affecting the Supply of Labour
a) The size of the population
b) The structure and composition of the population
c) The number of working hour..
340: Efficiency of Labour
Efficiency of labour: the productivity of labour i.e. the output per man/hour
Factors affecting efficiency of labour:
a) Educational qualification of labour force
..
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