Learning Path
Question & Answer1
Understand Question2
Review Options3
Learn Explanation4
Explore TopicChoose the Best Answer
A
Consumer preferences
B
Wage levels
C
Government regulations
D
Technological advancements
Understanding the Answer
Let's break down why this is correct
Answer
The primary factor that influences labor supply in an economy is the wage rate, which is the amount of money workers earn for their labor. When wages are high, more people are motivated to seek jobs because they want to earn that money, while lower wages can discourage people from working or lead them to look for jobs elsewhere. For example, if a factory offers higher pay for workers, more individuals in the area might apply for those jobs, increasing the labor supply. Additionally, other factors like working conditions, job availability, and personal preferences also play a role, but wages are often the most significant motivator. Overall, a higher wage tends to attract more workers into the labor market.
Detailed Explanation
Wage levels are the main reason people decide to work. Other options are incorrect because Some might think what people want to buy affects job supply; People may believe rules from the government control job supply.
Key Concepts
labor supply
Topic
Labor Market Dynamics
Difficulty
easy level question
Cognitive Level
understand
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