Definition
- 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.
- Not to be confused with: Demand for labour
- The demand for labour is the quantity of labour employers wish to hire at each wage, other things being equal.
Test yourself
What is the difference between supply of labour and demand for labour?
Demand for labour: The demand for labour is the quantity of labour employers wish to hire at each wage, other things being equal.