"In mainstream economic theories, the labour supply is the total hours (adjusted for intensity of effort) that workers wish to work at a given real wage rate."
Study of the decision-making process of individuals in terms of work or leisure time to maximize utility.
Labor Market: The study of the demand for labor, supply of labor, and wage determination in the labor market.
Labor Force Participation: The proportion of the working-age population that is employed or seeking employment.
Human Capital Theory: The study of education, training, and other investments in human capital that can improve earnings and productivity.
Marginal Productivity Theory: The economic theory that links wages to productivity, where the wage equals the value of the marginal product of labor.
Substitution and Income Effects: The effects of changes in wages on labor supply, where the substitution effect is the change in the quantity of labor supplied due to changes in the wage rate, and the income effect is the change in the quantity of labor supplied due to changes in income.
Time Allocation: The study of how individuals allocate their time between leisure and work, and how this affects labor supply.
Labor Market Discrimination: The study of unequal treatment among workers based on socioeconomic factors such as race, gender, and age.
Labor Market Frictions: Factors that can prevent the labor market from clearing, such as information asymmetry, search and matching costs, and minimum wage laws.
Labor Supply Elasticity: The responsiveness of labor supply to changes in wages, where the elasticity varies based on the availability of substitutes for labor, the ease of entry and exit from the labor market, and the availability of alternative sources of income.
Labor Market Policies: Government policies that affect the labor market, such as minimum wage laws, unemployment insurance, and training programs.
Market labor supply: It is the number of hours of work people are willing and able to offer at different wage rates. It depends on the demographic factors, such as age, sex, education, and the availability of alternate job opportunities.
Household labor supply: This type of labor supply refers to the number of hours of unpaid work (housework and care for children or elderly family members) that individuals in a household provide.
Occupation-specific labor supply: It refers to highly skilled employment sectors that integrate specific knowledge, training, and expertise such as medicine, law, engineering, accounting, and other professional services.
Industry-specific labor supply: It refers to the number of workers available in a particular industry. It depends upon the employment opportunities, like mining, agriculture, manufacturing, service sector, etc.
Geographic labor supply: This type of labor supply is influenced by the regional variations in population density, cost of living, and job opportunities. Some people prefer urban areas while others prefer rural areas, which affects labor supply.
Short-run and long-run labor supply: Short-run labor supply refers to the number of hours worked, primarily determined by current job opportunities, while long-run labor supply considers the possibility of learning new skills and adapting to new industries in the future.
Structural and frictional labor supply: Structural labor supply includes differences in gross wage offers across jobs and industries, while frictional labor supply involves transitional periods between jobs.
"It is frequently represented graphically by a labour supply curve..."
"...which shows hypothetical wage rates plotted vertically and the amount of labour that an individual or group of individuals is willing to supply at that wage rate plotted horizontally."
"There are three distinct aspects to labor supply or expected hours of work: the fraction of the population who are employed, the average number of hours worked by those that are employed, and the average number of hours worked in the population as a whole."
"The total hours (adjusted for intensity of effort) that workers wish to work at a given real wage rate."
"The amount of labour that an individual or group of individuals is willing to supply at that wage rate plotted horizontally."
"The total hours (adjusted for intensity of effort) that workers wish to work at a given real wage rate."
"The fraction of the population who are employed."
"The average number of hours worked by those that are employed."
"The average number of hours worked in the population as a whole."
"...which shows hypothetical wage rates plotted vertically and the amount of labour that an individual or group of individuals is willing to supply at that wage rate plotted horizontally."
"...the amount of labour that an individual or group of individuals is willing to supply at that wage rate."
"The total hours (adjusted for intensity of effort) that workers wish to work at a given real wage rate."
"Yes, the labour supply can vary among individuals or groups based on the wage rate."
"Yes, labor supply may be influenced by the hypothetical wage rates depicted on the labor supply curve."
"The amount of labour that an individual or group of individuals is willing to supply at that wage rate plotted horizontally."
"The total hours (adjusted for intensity of effort) that workers wish to work at a given real wage rate."
"The fraction of the population who are employed, the average number of hours worked by those that are employed, and the average number of hours worked in the population as a whole."
"Labor supply is frequently represented graphically by a labor supply curve..."
"Yes, the labor supply directly affects the fraction of the population who are employed."