Discussion response: Labor Supply and Demand (Essay Sample)
Please read each response and respond to it.
Identify three new avenues for advertisement and product placement aside from those being used today.
What benefits and drawbacks do other students predict will result from those new advertising techniques?
Use any personal experience, if appropriate, to help support or debate other students' posts. If differences of opinion occur, debate the issues professionally and provide examples to support your opinions.
Please keep them separate. I have included the topic.
Topic: Discuss labor supply and demand.
Address the following in your post:
Besides training and education, what are some of the things that have a significant impact on the supply and demand of labor?
Explain why you believe they have such an impact.
What other factors can directly influence the labor market?
The wage factor is the most significant issue affecting labor supply and demand. People do not typically work for fun. They work for money and the amount they get paid is a central factor in deciding whether they will take a job or stay at a job when something else is available. Higher wages increase the labor supply for a company because it makes the job more attractive to more people. Lower wages, however, may increase the labor demand because companies can afford to hire more people at a lower rate than at a higher rate.
Barriers to entry is a second factor that affects labor supply and demand. Demand from hiring companies may go up because the employees they seek are specialized in some particular skill or have many requirements of new hires.
The main impact on the supply and demand of labor is wages and salaries. This is because workers’ wages varies from occupation to occupation. Like with goods and services purchased by consumers, labor that is also traded in markets can impact both supply and demand. I believe there’s an impact because like with minimum wage, every time Congress votes to increase it there’s a debate about its effect on unemployment. People will look for work seeking the higher wage, but at the same time employers will lay off workers because they cannot or will not pay them more than the free market dictates. Other factors that that can influence the labor market are population, immigration and labor force participation.
Discussion response: Labor Supply and Demand
I agree with the author on the view that wage factor plays an important role in labor supply and demand. Firms need labor as an input in production. Workers provide labor at the market wage rate. The marginal benefit of adding one more unit of labor is referred to as the marginal product of labor, and it represents an added revenue from the last unit of labor. The need for highly skilled labor can be a barrier to entry into the labor market. These barriers raise the demand of labor by hiring companies. However, there is a significant decrease of the labor supply because the particular skill that is required is scanty. For example, upon considering the workers who have masterâ€™s degrees for particular positions, few job candidates will be available compared to when candidates with bachelorâ€™s degrees are needed. Moreover, the need for thorough testing in a particular job position lowers the job candidate, labor supply, significantly.
The author is right in the assertion that different occupations have different rewards in terms of wages. The author also give...
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