More workers in the economy will shift labour supply curve to the right, decreasing wages.
Households (individuals)
-If labour is more expensive, employers want less of it.
-Workers are paid for the revenue they can make for the firm.
-Workers who are not skilled enough to make revenue above the minimum wage will not have a job.
Inelastic
-Economic Growth
-Increased productivity of the worker.
-Increased demand for the product the worker produces.
-Labour substitutability (for capital)
-% of firm's cost
-Time period
-Necessity of the work
Because a higher wage will incentivise workers to work.