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Shifts in Labor Supply definitions

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  • Labor Supply
    Total number of individuals willing and able to work at various wage levels in a given market.
  • Population Size
    Overall number of people in a country, directly influencing the potential workforce available.
  • Demographics
    Statistical characteristics such as age and gender that shape the composition of the workforce.
  • Working Age
    Age range, typically 18 to 65, during which individuals are most likely to participate in employment.
  • Baby Boomer Generation
    Large cohort born post-World War II whose entry into the workforce significantly expanded labor supply.
  • Labor Force Participation
    Proportion of the population either employed or actively seeking employment.
  • Alternative Opportunities
    Other available jobs or markets that can attract workers away from their current employment.
  • Substitute Labor Markets
    Different job sectors requiring similar skills, allowing workers to switch based on wage differences.
  • Substitution Effect
    Movement of workers between markets in response to changes in relative wages.
  • Employment Ratio
    Share of the working-age population that is currently employed.
  • Economic Equilibrium
    State in the labor market where supply matches demand, resulting in stable wages and employment.
  • Immigration
    Movement of people into a country, increasing the available workforce and shifting labor supply.
  • Wage Differential
    Variation in pay between different jobs or markets, influencing worker movement.
  • Aggregate Supply of Labor
    Total labor available for work across all markets within an economy.
  • Labor Market
    Arena where employers seek workers and individuals offer their labor in exchange for wages.