Economy, asked by sharmabharti, 5 months ago

Question 1
The amount of work an individual wants to sell to an employer is called labor

Answers

Answered by divyanshisahu11

Answer:

The amount of work an individual wants to sell to an employer is labour supply and not called as labour.

hope it helps u

Answered by ankhidassarma9

Answer:

The amount of work an individual wants to sell to an employer is called Labor supply.

Explanation:

Labor supply : In mainstream economics , the labour supply has been defined as the total hours that workers wish to work at a given real wage rate.
It is represented graphically by a labour supply curve.
Labour supply curve shows hypothetical wage rates plotted vertically and the amount of labour that an individual is willing to supply at that wage rate plotted horizontally.
The labour supply curve for any industry is upward sloping because, as wages rise, other workers enter in this industry and attracted by the incentive of higher rewards.

Key factors that affects labour supply:

The real wage rate : Higher wages raise the prospect of increased factor rewards and boost the number of people willing to work.
Overtime: Opportunities to boost earnings come through overtime payments and other productivity-related pay schemes.
Substitute occupations.
Barriers to entry.
Improvements in the occupational mobility of labour is also an important factor.
Total migration of labour determining the supply of labour available to many industries .

Previous Question

Next Question