Labor Supply and Education

Labor supply refers to the amount of workers willing and able to work at different wage levels. Education plays a crucial role in this context, as it typically increases an individual's skill set, making them more attractive to employers. More education often leads to better job opportunities and higher wages, which can encourage more people to enter the workforce or advance in their careers. Essentially, higher education can expand the labor supply by equipping individuals with the qualifications needed to fill various roles in the economy.