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6 Cards in this Set
- Front
- Back
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Factors affecting demand for labour are
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output of the firm; productivity of labour & cost of other inputs
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Productivity of labour is
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the output per unit of labour per unit of time.
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If labour is cheaper than capital then demand for labour will
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increase
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If capital is cheaper than labour then demand for labour will
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decrease
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Costs of labour include
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wages, sick leave, superannuation & training
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Costs of capital include
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the cost of borrowing funds to buy new equipment & ongoing maintenance costs
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