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Producers will not be concerned with demand or supply?
Producers typically are not concerned with demand. Producers however are concerned with supply because they are responsible for the supply.
What best explains why the law of supply and demand has an effect on labor market?
In the law of supply and demand the effect on the Labor Market is that labor is a commodity.Labor is a commodity
What best explains why the level of wages are largely determined by the law of supply and demand?
People looking for jobs constitute the supply of labor. Firms looking for employees constitute the demand for labor. Clearly then if there is a large supply of labor available and not much demand, wages will be low. If there is a large demand for labor and a small supply, wages will be high.
What is the elasticity of labor?
The rate at which any change in labor effects demand of labor or supply.
What determines the supply and demand of the factors of production?
The demand for labor is a derived demand in that it depends on a company's decision to supply output in another market. This expansion in a market that has customers is the main factor in how much the demand for labor will increase.
Producers will not be concerned with demand or supply?
Producers typically are not concerned with demand. Producers however are concerned with supply because they are responsible for the supply.
What best explains why the law of supply and demand has an effect on labor market?
In the law of supply and demand the effect on the Labor Market is that labor is a commodity.Labor is a commodity
What best explains why the level of wages are largely determined by the law of supply and demand?
People looking for jobs constitute the supply of labor. Firms looking for employees constitute the demand for labor. Clearly then if there is a large supply of labor available and not much demand, wages will be low. If there is a large demand for labor and a small supply, wages will be high.
What gived producers the incentive to produce more?
Supply & demand. Supply=how much of something is available. Demand=how much of something people want. More demand = more supply.
What is the elasticity of labor?
The rate at which any change in labor effects demand of labor or supply.
Which of the following best describes the economic effect that results from the government having budget surplus?
Demand increases, pushing producers to increase supply --> overal demand decreases, reducing the incentivefor producers to icrease production
What determines the supply and demand of the factors of production?
The demand for labor is a derived demand in that it depends on a company's decision to supply output in another market. This expansion in a market that has customers is the main factor in how much the demand for labor will increase.
What steps does the firm need to take to reconcile labor supply and labor demand?
Labor supply, and demand is what determines the cost of Labor. Firms must consider their margin, pricing policy, improvement costs to raise productivity, market share, and competition, to arrive at a labor level reconciliation. Or The first step a firm needs to take to reconcile labor supply and labor demand is to analyze what problems need to be resolved. The goal is to have the labor supply, which is made up of the hours employees work, equal the labor demand, which is the work that needs to be done. Some firms hire outside consultants to do this for them.
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.
Effects of supply and demand?
supply and demand effects the market economy and commodity prices. with a increase in demand commodity price increases resulting in inflation in economy and viceversa, and with increase in supply by producers there is decrease in commodity price resulting in deflation in economy.
Factors affecting demand and supply of labor?
Factors affecting demand of labor :1) Wage rates fluctuations2) The need of factor input in a firm varies with time3) Increasing training costsFactors affecting supply of labor:1) Competitive labor market2) Working condition3) Inflation
Elements of Human Resource Planning?
Balancing labor supply and demand, analyzing current labor supply and forecasting labor demand are the three key elements of HR planning. HR planning serves as the bridge between plan of organization and resource management.
