Please, I need help with this homework Demand for Labor. Each labor market is co
ID: 445241 • Letter: P
Question
Please, I need help with this homework
Demand for Labor. Each labor market is composed of a subset of individual markets for labor of a specific quality and skill. Each of these subsets has its own supply, demand, and price of labor. In the aggregate, these subsets make up the entire labor market. Not every worker in a given labor market possesses the skills and abilities to perform the jobs available.
Assignment and Discussion
Using the Internet, library, or other reliable sources of research such as those listed in your readings, post your response to this discussion question:
How could there be a demand for labor that cannot be satisfied in a market with millions of workers looking for work?
Required Readings and Resources
For this week's assignment, you will undertake library, Internet, or other research that will help you understand the concepts of supply, demand, and price (wages) of labor. In completing your research, you should include a review of the concepts of marginal revenue produce (MRP) and monopsony.
• On the Bureau of Labor Statistics web site (bls.gov) search for, and read, the article: Boon, Z., Carson, C.M., Faberman, J., & Lig, R.E. (2008), Studying the labor market: Using BLS labor dynamics data. Monthly Labor Review. February, 2008. http://www.bls.gov/opub/mlr/2008/02/art1full.pdf
• Do a BLS web site search of the most recent report on the status of the labor market.
• Search the Department of Labor http:/www.dol.gov/ web site for information about the various US and state minimum wage rates.
• Study book: Budd, J. (2010). Labor Relations: Striking a Balance 3rd edition.
Explanation / Answer
Demand for labor that cannot be satisfied in a market with millions of workers looking for work
Answer: Demand and supply have a very much corelation between both of them
Your ability to get a job, the rate of pay at which you are willing to work, and how many hours a week you want to work all have an effect on the labor supply or labor demand in an economy. Each individual's preferences and the unique needs of firms and companies across a country.
In simple terms, labor supply is the total hours that workers or employees are willing to work at a given wage rate. It is often represented on a graph through a labor supply curve, which shows wage rates plotted vertically and the amount of labor or number of individuals that are willing to work at the wage rate plotted horizontally. A typical labor supply curve is upward-sloping, which means that as wages rise, workers are usually attracted and incented to work more hours.
There are several things that can cause the labor supply to shift on a graph to the right or to the left. A shift outward to the right means that workers are more willing to work a certain number of hours at a given wage rate than they were before; a shift inward to the left means that they are less willing.
Shift Factors of Labor Supply
Changes in Preferences or Income
Changes in Population
Changes in the Prices of Related Goods and Services
Changes in Expectations
these are reasons from which the demands is shifting and come and down , also nobody found the required labour for require