Definition
- Demand for labour
- The demand for labour is the quantity of labour employers wish to hire at each wage, other things being equal.
- Not to be confused with: Supply of labour
- The supply of labour is the quantity of labour workers are willing to offer at each wage, trading paid work against time spent in leisure.
Test yourself
What is the difference between demand for labour and supply of labour?
Supply of labour: The supply of labour is the quantity of labour workers are willing to offer at each wage, trading paid work against time spent in leisure.