0
it affects because labor is the main factor of production so that is to say no labor no production at all
Wiki User
∙ 11y ago
Add your answer:
Earn +20 pts
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 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.
What factors that affects the demand for money?
The major factors that affect the demand for money are price level, interest rates, economy, and the price of money.
A nation can increase its production possibilities by?
A nation can increase its production possibilities by improving labor productivity. More industries can be created so as to increase the output level.
Extension in demand?
Google SearchWhat's New in A Level EconomicsPositive consumption externalitiesPositive Production externalitiesNegative Consumption externalitiesNegative Production ExternalitiesExternalitiesChanges in demand | extension, contraction, fall , riseMovement along the demand CurveExtension of demandExtension of demand is the increase in demand due to the fall in price, all other factors remaining constant. Contraction of demandContraction of demand is the fall in demand due to the rise in price, all other factors remaining constant. Shift in the demand curveUsually demand curves are drawn based on the assumption except for price all other factors remain the same. But there might be instances when demand may be affected by factors other than price. This will result in the change in demand although the price will remain the same. This change in demand may cause the demand curve to SHIFT inwards or outwards.Shift of demand curve OUTWARDS shows an increase in demand at the same price level. It is known as INCREASE IN DEMAND.Shift of demand curve INWARDS shows that less is demanded at the same price level. It is known as a FALL IN DEMAND.
What are the factors that affect labor supply?
There are many factors that affect labor supply. In most cases, this will be determined by the wage rate of the particular industry and the production level expected among other factors.
How does temperature affect production?
hoe does CT2 level affect oxogen production
What are the factors that affect the supply?
There are many factors that affect labor supply. In most cases, this will be determined by the wage rate of the particular industry and the production level expected among other factors.
What is the differences between Fixed Direct labor with variable direct labor?
Direct labor which do not vary with level of production is fixed direct labor while labor vary with change in production is variable direct labor.
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.
6 What are the advantage and disadvantage of level production schedules in firms with cyclical sales?
The advantage of the level production schedule in firms with cyclical sales is resources and labor are spread evenly. The disadvantage of the level production schedule is that it is a costly exercise.
Direct labor a variable cost or semi-variable cost?
Direct labor is variable cost as it varies with the change in level of production of units.
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.
What factors that affects the demand for money?
The major factors that affect the demand for money are price level, interest rates, economy, and the price of money.
What kind of cost is direct Labor?
Direct labor is direct cost as it varies with variation in production level and directly related with number of units of product.
Which of the four factors of production must be prioritized?
The four factors of production (land, labor, capital and entrepreneur) must all present if you wish to improve the economic level of production.
Why inflation at very high level and very low level is harmful for economy?
Inflation at a very low level will be harmful for the economy because when the low infaltion will prevail in the economy purcahsing power of the people will get high and they will demand for more goods increase in demand will leads to increase in production in the short run it will be profitable but in the long run it will be harmful for the economy because in the lon run factors of production will be repletion and will lead to lower production and leads to economic crised. in the long run factors of production decides the price of the products not the demand of the products.
