GCSE Economics Revision: Supply of labour (With Mock Questions!)
Hello, Economics Superstars! 🎓
Are you ready to tackle the topic of Supply of Labour for your GCSE Economics exam? Let’s make this revision a breeze! 💪
What is the Supply of Labour? 💼
The supply of labour refers to the total number of hours that workers are willing and able to work at a given wage rate. The amount of labour supplied can vary depending on factors like wages, working conditions, and population. You'll need to understand how different factors impact the labour market and how firms respond to changes in labour supply.
Key Learning Points 📚
Let’s zoom in on the essentials you need to know for this topic:
✨ Wage rates: As wages rise, more people are willing to work. This is called the "positive wage incentive."
✨ Non-monetary factors: Things like working conditions, job security, and work-life balance also affect the supply of labour.
✨ Labour market equilibrium: The point where the supply of labour meets demand is where wages are determined.
✨ Elasticity of labour supply: This refers to how sensitive the supply of labour is to changes in wages.
What Do You Need to Demonstrate? 💡
To ace your exam, you’ll need to show a strong understanding of:
1️⃣ Graph interpretation: Be able to read and explain supply and demand graphs for labour.
2️⃣ Key concepts: Explain the impact of wage changes and non-wage factors on the supply of labour.
3️⃣ Evaluation: Be able to discuss how changes in government policy (like minimum wage) might impact labour supply.
Key Things to Remember Before the Exam ✏️
🔥 Know your definitions: Be crystal clear on terms like "labour market," "wage rate," and "elasticity."
🔥 Practice past papers: The more questions you answer, the more confident you’ll feel!
🔥 Stay calm! It's easy to get overwhelmed, but take it one step at a time. You've got this!
Ready for Some Practice? 🧠
Let’s test your understanding with some multiple-choice questions!
Q1 - What is most likely to increase the supply of labour in a particular market?
a) A rise in wage rates
b) A decrease in population
c) A decline in working conditions
d) A new tax on workers
Q2 - Which of the following is a non-monetary factor affecting the supply of labour?
a) Job satisfaction
b) Overtime pay
c) Bonuses
d) Hourly wage
Q3 - What is meant by the term "elasticity of labour supply"?
a) The ease with which workers can change jobs
b) How responsive the supply of labour is to changes in wages
c) The total number of hours worked by all employees
d) The number of workers in a firm
Q4 - If wages increase, what typically happens to the supply of labour?
a) It decreases
b) It increases
c) It remains the same
d) It becomes negative
Q5 - Which government policy is most likely to reduce the supply of labour?
a) A reduction in income tax
b) The introduction of higher minimum wage
c) Extending the retirement age
d) Stricter visa regulations for foreign workers
To check your answers and see more questions check out our GCSE Economics Multiple-Choice booklet, with 250 sample questions and answers for you to revise
Good luck with your revision! 💯 Stay positive, stay focused, and remember — you’re in control! Let’s smash this exam together!