| A | B |
|---|
| age greater than 15 and working one hour or more | two characteristics of term employed |
| low | when wages are high the level of labour demanded is |
| labour supply | number of people available and willing to work |
| demand for labour | number of jobs available in the economy |
| decrease | when there is a surplus of labour supply wages ? |
| immigration or increase in population | factors that could increase the supply of labour |
| increase | low unemployment has this impact on level of taxes collected by government |
| businesses | demand curve represents this group of people in the labour market |
| employees | supply curve represents this group of people in the labour market |
| demand curve | this curve in the labour market is downward sloping |
| supply curve | this curve in the labour market is upward sloping |
| equilibrium | the point at which both business and employee agree on rate of pay |
| high | when wages are high the level of labour supply is |
| wage | in the labour market the equilibrium point between demand and supply represents this |
