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Question
How is the supply of labour different from the supply of other goods?
Answer in Brief
Solution
- The supply of labour is inelastic in a country at a particular time. It cannot be increased nor decreased like a supply of other goods.
- For example, if a country has a scarcity of a particular type of worker, its supply cannot be increased within a day, month or year. The supply of labour depends upon the size of the population. The population cannot be increased or decreased quickly.
- Children take time to become workers. The supply of skilled labour (such as doctors, engineers, etc.) can also increase only in the long run by establishing more medical and engineering colleges. However, the supply of labour can be increased if some people enter the country from outside.
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