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Chapter 4: Q.13 (page 104)

What is the 鈥減rice鈥� commonly called in the labor market?

Short Answer

Expert verified

Wages are the term for the "price" in the labor market.

Step by step solution

01

Definition

Labor market refers to the marketplace where labor services are exchnaged between households and businesses. Households supply labor in the market which is used by businesses for production of goods and services.

02

Explanation

Wage or pay is another term for the price paid in the labor market. Some distinctions between the labor market and other goods markets that we or you may have heard of before include the fact that in a regular goods market, the household is usually the demand. Debt owed to pepper. Consumers who demanded infirm things were frequently the ones who supplied them. It's the other way around in the labor market.

03

Conclusion

Therefore, the households that give labor to firms in firms are the ones that have demand labor.

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Most popular questions from this chapter

If a usury law limits interest rates to no more than 35%, what would the likely impact be on the amount of loans made and interest rates paid

Name some factors that can cause a shift in the supply curve in labor markets.

What would be a sign of a shortage in financial markets?

Identify each of the following as involving either demand or supply. Draw a circular flow diagram and label the flows A through F. (Some choices can be on both sides of the goods market.)

a. Households in the labor market

b. Firms in the goods market

c. Firms in the financial market

d. Households in the goods market

e. Firms in the labor market

f. Households in the financial market

Why is a living wage considered a price floor? Does imposing a living wage have the same outcome as a minimum wage?
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