CramPuppy - Free Revision Notes » Igcse » Economics » Law of Supply of Labour
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Date: Sun, 21 May 2006 Time: 12:00 AM
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Law of Supply of Labour
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(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 and more in a career, the worker starts to
produce less yet gets paid more. An hour of leisure begins to look more
attractive than an extra hour of work to earn more money.
The supply of labour is the total working hours or labour services available for production of goods and services.
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by: Admin
Total views: 592
Word Count: 227
Date: Sun, 21 May 2006 Time: 12:00 AM
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