Economics Demand of Labour
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Definition of 'Demand For Labor'
A concept that describes the amount of demand for labor that an economy or firm is willing to employ at a given point in time. This demand may not necessarily be in long-run equilibrium, and is determined by the real wage, firms are willing to pay for this labor, and the amount of labor workers are willing to supply at that wage.
Investopedia explains 'Demand For Labor'
Demand for labor increases market wages and more workers enter the market. But this higher cost of labor will mean that employers will use less labor because it’s more expensive.
Assuming there are a large number of employers in a region, or that workers are highly mobile geographically, the wages that a company will pay workers is dependent on the competitive market wage for a given skill set. This means that any company is a wage taker, which is simply another way of saying companies must pay competitive wages in order to obtain workers.
The demand and supply of labor are determined in the labor market. The participants in the labor market are workers and firms. Workers supply labor to firms in exchange for wages. Firms demand labor from workers in exchange for wages.
The firm's demand for labor. The firm's demand for labor is a derived demand; it is derived from the demand for the firm's output. If demand for the firm's output increases, the firm will demand more labor and will hire more workers. If demand for the firm's output falls, the firm will demand less labor and will reduce its work force.
http://www.s-cool.co.uk/a-level/economics/labour-markets/revise-it/the-demand-for-labour
Wages The term 'wage' has been defined as a sum of money paid under contract by an employer to a worker for services rendered. A wage payment is essentially a price paid for a particular commodity, viz., labour services. According to the classical wage theory, labour
Definition of 'Demand For Labor'
A concept that describes the amount of demand for labor that an economy or firm is willing to employ at a given point in time. This demand may not necessarily be in long-run equilibrium, and is determined by the real wage, firms are willing to pay for this labor, and the amount of labor workers are willing to supply at that wage.
Investopedia explains 'Demand For Labor'
Demand for labor increases market wages and more workers enter the market. But this higher cost of labor will mean that employers will use less labor because it’s more expensive.
Assuming there are a large number of employers in a region, or that workers are highly mobile geographically, the wages that a company will pay workers is dependent on the competitive market wage for a given skill set. This means that any company is a wage taker, which is simply another way of saying companies must pay competitive wages in order to obtain workers.
The demand and supply of labor are determined in the labor market. The participants in the labor market are workers and firms. Workers supply labor to firms in exchange for wages. Firms demand labor from workers in exchange for wages.
The firm's demand for labor. The firm's demand for labor is a derived demand; it is derived from the demand for the firm's output. If demand for the firm's output increases, the firm will demand more labor and will hire more workers. If demand for the firm's output falls, the firm will demand less labor and will reduce its work force.
http://www.s-cool.co.uk/a-level/economics/labour-markets/revise-it/the-demand-for-labour
Wages The term 'wage' has been defined as a sum of money paid under contract by an employer to a worker for services rendered. A wage payment is essentially a price paid for a particular commodity, viz., labour services. According to the classical wage theory, labour