... employment. The employers' demand for labour and the willingness of individuals to supply labour determines the level of wage or salary for a job. If demand is high or supply is low, wages and salaries will be high. Where the demand for workers is low or a great many are available to do the job, wages will be low. Derived Demand is a demand that is produced as a by-product of demand for another item or service. For example in the case of footballers there is derived demand for clubs memorabilia, thus increasing the income of the employer and also derived demand in personal endorsements thus increasing a players income. In contrast there is very little derived demand if any at all from the services of a nurse. Equilibrium is where Producers and Consumers agree. In the context of supply and demand for labour, the suppliers of labour will want ...

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