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What is true about organized labor?
Immigrants contributed greatly to organized labor. Organized labor contributes to price controls
What is the price of labor called?
The price of labor is called a wage. If this is given in a frequent period like every two weeks or every month, it is referred to as a salary.
The relationship between the value of money and the price level?
There is an inverse relationship between value of money and the price level. So if the value of money is low, then the price level is high or if the value of money is high, then the price level is low.
Because labor can be bought and sold in market like any other commodity the price of labor is partly determined by which of the following?
The quality of the labor and the supply. Skilled labor is worth more than unskilled. If there is a shortage of workers (labor) the price paid goes up.
What are the major determinants of labor demand?
(1. Demand for output (2. Productivity of Labor a.Quality of labor b.Technological progress c.Non-labor outputs (3. Price of other resources(Substitutes and complements)
Did the cotton gin decrease cottons value price?
The cotton gin made labor easy for people or slaves, so the cost decreases.
In Das Kapital Karl Marx laid out the labor theory of value According to Marx what is a widget worth?
Depends how you define worth. In price terms, the worth of a widget would be a price proportional to it's price of production. In value terms, it would be equal to cost price (K) + the average rate of profit (P'). This is achieved through the transformation from value (the socially necessary labour required to reproduce the commodity) into price of production.
What is value adding?
In economics, the difference between cost of materials and labor to produce a product, and the sale price of a product is the Value added. In national accounts used in macroeconomics, value added is the contribution of it refers to the contribution land, labor, and capital goods (the factors of production), to increasing the price of a product, the value added is then the income received by the owners of these factors. The national value added is shared between capital and labor (as the factors of production), and this sharing gives rise to issues of distribution.sources: http:/en.wikipedia.org/wiki/Value_a
What is Difference between Value and costs?
Cost refers to the total spent for goods or services including money and time and labor while value refers to the the amount that is considered to be a fair equivalent for a given price.
Labor can be bought and sold in the in a market like any other commodity the price of labor is partly determined by what?
The quality of the labor and the supply. Skilled labor is worth more than unskilled. If there is a shortage of workers (labor) the price paid goes up.
What is true about organized labor?
Immigrants contributed greatly to organized labor. Organized labor contributes to price controls
Will the direct labor price variance always be unfavorable if more hours are worked than the standard hours allowed for the actual output attained?
No, Direct labor price variance is created due to difference in standard labor rate and actual labor rate for example standard labor rate per unit is 10 and actual labor rate is 11 then 1 per unit is unfavourable direct labor price variance.
According to Karl Marx the source of all value was?
According to Karl Marx, the source of all value was the labor that is expended in the production of goods and services. He believed that the value of a commodity is determined by the amount of socially necessary labor time required to produce it. This concept is known as the labor theory of value.
What is the Marxist definition of labor value?
The Marxist definition of labor value is based on the idea that the value of a commodity is determined by the amount of socially necessary labor time required to produce it. Marx argued that value comes from the labor expended in the production process, regardless of the market price. This concept is fundamental to Marx's critique of capitalism.
What is the price of labor called?
The price of labor is called a wage. If this is given in a frequent period like every two weeks or every month, it is referred to as a salary.
Price of changing alternator 1999 Toyota corolla?
what is normal price alternator and labor
The relationship between the value of money and the price level?
There is an inverse relationship between value of money and the price level. So if the value of money is low, then the price level is high or if the value of money is high, then the price level is low.
