1. Vocabulary 1
1.1. take on, obey, utility, output, compromise, productivity, afford, staff
2. Text "Labour market"
2.1. Labour market basics
2.1.1. - Relationship: Employers (buyers) and workers (sellers).
2.1.2. - Labour = Service provided by workers.
2.1.3. - Employers pay wages = Price of labour.
2.2. Utility in the Labour Market
2.2.1. - Employers' utility = Increased output.
2.2.2. - Ways to increase output:
2.2.2.1. - Hire more staff.
2.2.2.2. - Ask current staff to work more hours.
2.3. Supply and Demand in the Labour Market
2.3.1. - Demand: Employers' need for labour.
2.3.1.1. - Decreases when wages increase.
2.3.2. - Supply: Labour workers provide.
2.3.2.1. - Increases when wages are higher.
2.3.3. - Wage = Compromise between workers' expectations and employers' budget.
2.4. Workers' Productivity
2.4.1. - Productivity = Output per unit of time.
2.4.2. - Higher productivity → Higher wages and job opportunities.
2.4.3. - Lower productivity → Lower wages and fewer job opportunities.
3. Vocabulary 2
3.1. balance, compensation, complex, influences, leisure, play a/an, rate, role, skills, substitution, switch off
4. Text "Supply of labour"
4.1. Reasons for Working
4.1.1. - Primary reason: To make money.
4.1.2. - Economists ask: How much are people prepared to work?
4.2. Work-Life Balance
4.2.1. - Trade-off: Work time vs. Leisure time.
4.2.2. - Influenced by:
4.2.2.1. - Natural limits:
4.2.2.1.1. - 24 hours in a day.
4.2.2.1.2. - 8 hours sleep.
4.2.2.1.3. - Rest and relaxation needed.
4.3. Role of Money
4.3.1. - Income Effect:
4.3.1.1. - Time is a resource, compensated by wages.
4.3.1.2. - Higher wages → Less need to work (more leisure time).
4.3.2. - Substitution Effect:
4.3.2.1. - Opportunity cost of not working increases with higher wages.
4.3.2.2. - Higher wages → More willingness to work.
4.4. Labour Supply Elasticity
4.4.1. - Inelastic Supply:
4.4.1.1. - Hard to find workers (e.g., specific skills or remote location).
4.4.1.2. - Higher wages → Small increase in workers.
4.4.2. - Elastic Supply:
4.4.2.1. - Easy to find workers.
4.4.2.2. - Higher wages → Large increase in workers.
5. Writing "Letter of application"
5.1. Purpose of Letter
5.1.1. - Responding to a job advertisement.
5.1.2. - Applying for the position of Summer Camp Team Leader.
5.1.3. - Reference: Advertisement in a newspaper.
5.2. Qualifications
5.2.1. - Mention CV and certifications.
5.3. Experience
5.3.1. - Highlight relevant experience
5.4. Motivation for the Job
5.4.1. - Reasons for applying
5.5. Closing Statement
5.5.1. Express enthusiasm and anticipation
5.5.2. - Sign off