What is meant by labour supply?
Labour Supply in Mumbai : The supply of labour is defined as the amount of labour available for hire during a given time period, measured in person-hours. Taking population as a given, the amount of labour supplied is determined by two major factors.
What is source of labour supply?
The ‘labor-leisure’ trade-off gives rise to labour supply curves. More hours worked result in higher earnings, but at the expense of less leisure time. As a result, a change in the real wage rate has two effects on the amount of labour supplied.
