Easy Solutions for Labor Market and Wage Determination Assignments
Labour Market and Wage Determination are two key concepts in Economics. Here, we shall try to help students to arrive at a concrete understanding of the concepts. At the same time, myhomeworkhelp.com is here to help students to get over their fear of assignment with our complete Labor Mkts & Wage Determination homework solutions.
What is a Labor Market?
A labor market is a market where employers and employees interact with one another. The employers try to find for themselves the most qualified/ skilled employees. The employees, on the other hand, try to procure the best possible job for themselves – ones that would provide them with maximum benefits and work satisfaction.
The said labor market can have a physical existence or a virtual one. A good example of a virtual labor market would be those online websites that allow companies to post about job openings and allow interested candidates to apply for those jobs.
Since labor is made into a commodity to be sold, it has a price. The price of labor is called wage, and like the price of almost every other commodity (with a few exceptions), the price of labor is determined by demand and supply in the labor market.
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What is wage determination?
Wage determination is the process by which the pay scale of employees in various fields is determined. Primarily, the wage determination is dependant on the number of employees required by employers (demand) and the number of employees available in the market (supply).
Prevailing Wage
Wage determination entails the concept of prevailing wage. Prevailing wage can be taken as the sum total of the monetary payment, benefits, privileges (in cash and kind) granted to various sections of labors in the market. “Labor” of course is a generic term used to include employees or workers of all sorts, in all fields.
Wage Contract
The employee and employer usually enter into a contract at the time of hiring that ensure the quantity of labor that is to be delivered by the worker and the remuneration that is to be paid by the employer. In case of additional labor, additional charges are mostly expected.
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Factors affecting labor supply
A couple of determinants play a role in controlling the supply of labor:
- Market conditions:
Recession or depressions are likely to reduce the demand for labor since the demand for manufactured goods reduces. A sustained growth in the economy has the exact opposite impact.
- Free trade:
Globalization allows brands to sell their products in other nations, which would create a greater need for employees and so the demand would increase.
- Technology:
In the recent times, technology has come to play in determining the demand for labors. With machines becoming ever more competent, the demand for manual labor is likely to see a gradual decrease.
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Labor Mkts & Wage Determination homework solutions
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