Economics U2 AOS 2 Notes Based on the Textbook Jacaranda

Economics U2 AOS 2 Notes Based on the Textbook Jacaranda The Changing Labour Market: Study of employment, unemployment, labor demand and supply, and changing workplace structures The Nature of the Labour MarketDerived Demand: You learn that labor is a derived demand—employers only want workers because there is consumer demand for the goods and services those workers produce.Demand Factors: What changes an employer's willingness to hire (e.g., changes in economic activity, business confidence, productivity, or the cost of capital/technology replacements).Supply Factors: What changes a worker's willingness to work (e.g., population growth, immigration, participation rates, required qualifications, and wage levels).. Types and Causes of Unemployment etc