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Salary of employed individuals are totally associated with the laws of demand and supply.
More demand mean more resource required. Resource in terms of human and monetary capital. When the demand is high company will hire hardworking employees at a high wages, in order to fulfill the need of the customers. on the other hand, if the demand is low then it automatically means supply is low. When the supply is low, company will go for downsizing or reduce the wages of the employees. the wage is reduced because supply is low, and resource becomes burden on the company.
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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 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.
Explain how labor market equilibrium is affected by the supply and demand of labor in a Monopolistic Competition?
The labor market will reach equilibrium as the amount of workers willing to work for a certain price equals the amount of workers employers are willing to hire for that wage. On a supply and demand curve the employees represent the suppl side while the employers represent the demand side
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 market forces?
Supply, demand, capital, labor--laws. Tariffs and taxes have an effect on the economy, too.
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 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 are the market........?
Supply, demand, capital, labor--laws. Tariffs and taxes have an effect on the economy, too.
Explain how labor market equilibrium is affected by the supply and demand of labor in a Monopolistic Competition?
The labor market will reach equilibrium as the amount of workers willing to work for a certain price equals the amount of workers employers are willing to hire for that wage. On a supply and demand curve the employees represent the suppl side while the employers represent the demand side
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 determines prices of land labor capital and entrepreneurship in the factor market?
Demand and supply in every market will determine the price differently.
What are the market forces?
Supply, demand, capital, labor--laws. Tariffs and taxes have an effect on the economy, too.
What are market forces?
Supply, demand, capital, labor--laws. Tariffs and taxes have an effect on the economy, too.
Why does the cost of labor go down in a recession?
During an economically depressed period, the labor supply usually exceeds the demand in the labor market, resulting in lower labor rates.
How does wage increases affect the demand for and supply of labor?
wages will go down because productivity is lower
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 are some affects to the market supply curve?
cost of labor a change in the demand for the product the number of sellers offering the product
