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5.2: Changes in Factor Demand and Factor Supply
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AP Microeconomics notes from Unit 5, Section 2: These notes cover shifters of supply and demand for labor.
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Some examples from this set of practice questions
1.
What shifters exist for the demand of labor?
Answer: Price of outputs, worker productivity, and changes in price of other resources
2.
How do the prices of outputs shift the demand for labor?
Answer: If the price of the product goes up, the worker that produces the product becomes more valuable
3.
Describe the concept of derived demand.
Answer: The demand for resources is derived from the products they produce
4.
How does worker productivity shift the demand for labor?
Answer: A more productive worker is more valuable to a business
5.
How do changes in the prices of resources shift the demand for labor?
Answer: The availability and desirability of substitute and complementary resources increases or decreases the demand for products, thus changing the demand for labor
6.
What shifters exist for the supply of labor?
Answer: Education and training, the availability of alternative options, immigration and mobility of workers, cultural expectations, working conditions, and preferences for leisure
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