The supply curve for labour shows the relationship between the wage rate and number of workers willing to work in an occupation
The labour supply curve shows how many workers want a job as the wage rate changes. Higher wages attract more workers, so the curve slopes upward.
Real World
When the NHS announced a 5% pay rise for junior doctors in 2023, applications to medical school rose sharply the following year, illustrating how higher wages attract more workers into an occupation.
Exam Focus
Draw and label both axes correctly; examiners penalise unlabelled diagrams — wage rate (vertical), quantity of labour (horizontal).
Price Elasticity of Demand
PED = % change in quantity demanded ÷ % change in price
How well did you know this?