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Main determinants of labour demand are: demand for goods,availability of capital and cost of labour.
Main determinants of labour supply are:
wages and benefits, population size(demographic factors) and job requirements
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What are the determinants that create changes in price?
The main two are supply and demand
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 is the main tool of micro economics?
Demand and Supply.
How does demand of labor affect the level of production?
it affects because labor is the main factor of production so that is to say no labor no production at all
What are the factors affecting Demand and supply of goods?
price is the main factor which affect demand and supply and other factors which affect demand and supply are change in income weather change living standard of people alternative things superior to inferior
What are the determinants that create changes in price?
The main two are supply and demand
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.
Outline the Main determinant of demand for consumer goods.?
outline main determinants of demand for consumer goods?
What is the number-one driver of labor costs?
Without any government influences, the main driver of labor costs is supply/demand. Generally however, a system of minimum wages exists which raise labor costs to a particular level.
What is the main tool of micro economics?
Demand and Supply.
The main demand that the incan state placed on its subjects was the mita which was a tribute of?
Labor
How does demand of labor affect the level of production?
it affects because labor is the main factor of production so that is to say no labor no production at all
What are the factors affecting Demand and supply of goods?
price is the main factor which affect demand and supply and other factors which affect demand and supply are change in income weather change living standard of people alternative things superior to inferior
Describe two factors that affect labor supply and two factors that affect labor demand?
The determinants of labor demand depend on which model is being observed or utilized. One model is the efficiency wage model is based off the gift exchange theory, and the cost of job loss theory of employment. Gift exchange theory is the idea of the employee productivity is related to the compensation of the job (with diminishing returns). Cost of job loss states that there are significant costs to the employee for losing their job and is motivated by the fear of losing the job. Both theories produce an equilibrium that is above the market wage because its goal is to maximize labor productivity, where the quantity per wage ratio is maximized, rather than to minimize production costs. In the competitive model of the labor market, the firm has a downwardly sloping demand curve where there is a negative relationship between employment and wage; employment decreases as wage increases and vice versa. Also in this model the supply curve for labor is perfectly elastic. This is because in a competitive market the firm is a wage taken and has no control over the wage of the employees. Neither supplier nor demander of labor has any bargaining power to raise or lower wages, thus there is one wage and both parties will be able to participate in the labor market as much as they choose. The determinants of labor supply also depend on which model is being observed or utilized. One way of looking at labor supply is the neoclassical model. This model looks at the indifference curve of an individual in terms of labor versus leisure. It looks at the extensive and intensive margins of labor supply. The extensive margin of labor supply is the decision to go into the labor market, and the intensive margin of labor is the decision of how many hours to work in the labor market. The main concept behind the extensive margin is the reservation wage, which is the lowest wage an individual will work for one hour. The main concept behind the intensive margin is the individual preferences regarding leisure and work. This framework implies that each person will have different labor supply behavior. Another determinant of labor supply looks at the role of institutions and culture to influence how much an individual will work. Evidence for this model is more to do with the implementation of social programs and changing social structures than a predictive model. It looks at increased gender equality to look at the increase in labor participation by women. It also looks at the implementation of child daycare programs that also look at the increase in women labor participation.
What are the main factors that can change market prices?
Market prices are directly dependent on the two main factors that govern an economy: Supply and Demand. If the supply of a certain item does not meet the current demand, then the price will rise, and vice-versa.
What are the main branches of trade?
In a nutshell: Trade of any kind is simply supply and demand!
What are the forces that cause the demand curve to change?
Supply is the main force that affects the demand curve to change in the economy or in a certain market.
