Principles of Microeconomics / Unit 13 MIC 1214 short lesson, about 20 seconds
Shifts in Labor Supply
Captions available
The idea
Labor supply shifts with preferences for work against leisure, nonlabor income such as an inheritance, the price of complements such as child care, population, and expectations. Supply to one occupation also shifts with wages elsewhere and entry requirements.
In practice
A licensing rule for barbers cuts the supply of barbers.
Where people slip
A wage change moves along supply; income from another source shifts it.
Your place on the trail
Every lesson rests on earlier ones and opens later ones. Tap any to jump.
Builds on
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