WORKERS 1. Most people are consumers, making demand decisions in product markets
ID: 1181685 • Letter: W
Question
WORKERS
1.Most people are consumers, making demand decisions in product markets, and also workers, making
supply decisions in resource markets. How do workers choose how much of their labor service they
are willing to sell? Is the quantity supplied likely to rise or fall when the wage rate is higher?
2. what are some techniques employers can use to improve workers productivity? Consider both carrots and sticks
HIRING MANAGER
1.Workers make the supply decisions in labor markets, but firms (represented by hiring managers)
Explanation / Answer
Labor wages depends on demand supply curve of labor
so depending on demand and supply of labor labor must choose how much they have to work accordingly they will get wages.
..employers must give wages on break point of demand supply curve of labor so that the labor can not leave job and at the same time not get overpaid . hence good way of profit optimization
.
when wages of labor rises firm tends to hire leser workers in order to have same production cost.
firms optimize their profit. when the demand in market increases there is need to increase supply hence more labors are required.
government can have many policies in order to increase jobs.
one is discount in taxes which helps firms to divert its money to new jobs and wages
other is increase in infrastructre in nation which will help in new firms to come and increased opportunity for jobs
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