External Economic Factors Quiz

Aspects of the economy that influence choices and decisions regarding production, distribution, and consumption.

The supply of people available for work, encompassing the working population, skills, and costs of employment.

People over the age of 15 who are willing and able to work; their availability impacts job opportunities and wages.

Imbalances in the labor market where specific skills are in high demand but in short supply, impacting wages and job availability.

The proportion of the working-age population that is employed; impacts recruitment challenges and wage levels for businesses.

The supply of people available for work. It does not include people who are unable to work.

Factors influencing the availability and demand for workers. Includes entrants to the workforce (graduates, immigrants), leavers (retirees), and the birth rate influencing future workforce size.

The amount of goods or services available.

How much people want or need a good or service.

High demand leads to higher prices; low demand leads to lower prices. Businesses try to maximize prices without losing demand.

Lack of qualified workers with needed skills, leading to reduced production and impacting employee salaries.

Methods to address skills shortages, including investing in training programs (apprenticeships), encouraging more education, and re-skilling existing workers.

Exchange of goods and services between individuals, businesses, or governments, due to specialization and resource differences.