A
the demand for labor is determined by whom, their goals and the criteria used by them for achieving that goal.
Concept Introduction:
Economic Decision makers: this refers to the act of determining on the difficulties of the economy and the individuals who make the judgment.
Demand for labor: this is a concept that defines the amount of demand for labor that an economy or firm is willing to employ at a given point of time.
Supply of labor: the number of hours each individual is willing to supply at a given wage rate
Derived demand: this describes the demand of a good or service which is a consequence of the demand for something else.
B
The Supply of labor is determined by whom, their goals and the criteria used by them for achieving that goal.
Concept Introduction:
Economic Decision makers: this refers to the act of determining on the difficulties of the economy and the individuals who make the judgment.
Demand for labor: this is a concept that defines the amount of demand for labor that an economy or firm is willing to employ at a given point of time.
Supply of labor: the number of hours each individual is willing to supply at a given wage rate
Derived demand: this describes the demand of a good or service which is a consequence of the demand for something else.
C
The case when demand for labor is considered as a derived demand.
Concept Introduction:
Economic Decision makers: this refers to the act of determining on the difficulties of the economy and the individuals who make the judgment.
Demand for labor: this is a concept that defines the amount of demand for labor that an economy or firm is willing to employ at a given point of time.
Supply of labor: the number of hours each individual is willing to supply at a given wage rate
Derived demand: this describes the demand of a good or service which is a consequence of the demand for something else.
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