Introduction To Labor Of Market-
Labor market is the study of the demand and supply of the labor in the labor market. More generally it's the study of the behavior of employees (supply of labor) and employers (demand for labor) in response to the things like prices, wages, inflation, profit and other aspects that affect the working relationship of the labor and entrepreneur. For example- the effect of wages on the employment opportunities, how the increases in income change the working preference of a labor? Suppose there is an increase in the wage of the labor for some time he will start working more but with the more increase in wages the labor will start giving more weight to leisure which is also known as the substitution effect of the income. The unemployment benefits available to the labor like the unemployment insurance provided by the government to the workers, the unemployment benefit which is also known as mark up value in macroeconomics is the minimum wage that a labor will demand in the labor market. An important point to notice in labor market is that there is always a natural rate of unemployment prevailing in the market which includes the people who are not willing to work, people who are between jobs and the people on sabbatical.
At the macroeconomic level the labor market got influenced by the domestic and international market dynamics such as immigration, the age of the population and education level. In the times of economic distress the demand of labor lags behind labor supply causing a high rate of unemployment, as a result the economy goes into stagnation, deprivation, crime and the people become unable to live a fulfilling lives. Labor productivity is another topic to be focused in labor market because over the period of time the labor productivity has become more efficient and more productive due to better technologies but the labor demand has not increased that much. The importance of labor market is that it treats working ability of the worker as his capital in which he makes many changes over the period of time. For example- it treats years of schooling, training, aptitude, and attitude towards work etc. as the investment in the human capital and wages as the return on those investments. Another factor that gives much importance to the labor market is that generally most people think that only wages affect the quitting rate of a labor but it's not completely true, with the labor hypothesis analysis it can be seen that there are many other factors like age of the worker as older workers has a high rate of quitting jobs, job location, employee benefit etc. thus studying labor economics give insight to the students on the labor market and the working nature of the market.
Problems Encountered In The Solutions To Labor Market Problems-
One of the most common problems encountered in labor market is the problem of heterogeneity, which is if there is any difference in the remuneration is due to the human capital for example- if someone is paid less than a Ph.D. is because he must be having lower skills which are also measured as the years of schooling. The problem of backward bending labor supply curve is the most common problem encountered by the students while studying labor market, labor supply curve show the income and substitution effect of wages and leisure. When the price effect is greater than substitution effect the labor supply curve will be upward sloping and when substitution effect is greater than price effect it bends backward.
Another problem is to decide the wage rate in the labor market generally the wage rate is decided by the interaction of the labor demand and labor supply, but the wage should be such that it keeps the unemployment rate to the minimal level. The wages are considered as the returns to the investment made to the human capital over a period of time, therefore finding the wage which will represent the perfect return to the investment is a difficult task for the students.
Get Help Online From Economics Experts-
Labor of market is the subject that studies the labor demand and supply and how different factors affect the wages of the labor? It's a macroeconomic concept which requires an economics expert help to deal with the problems of labor market therefore having a help online is a relief to the students who are studying labor market. The support is open all the time to the student and they can send their problems at any point of time and it will be solved as soon as the students demand.
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