Elements Of The U.s. Labor Market In A Global Setting.

The labor market is similar to other markets in the good sense that the laws or preparation and demand determine the price . In the case of labor , price means the fee that workers collar . The difference of the labor market from the others is that in this market , the firms off up the demand while the individual workers comprise the furnish of laborLabor is an important element in the production of goods and services This is the cogitate why firms need labor supplied by the workers However , firms leave alone only hire workers if the additional revenue that it will overhear from it will cover the additional costs that come with hiring the workersDifferent professions argon paid differently . Some professions receive high wages than others . This is due to the amount of productivity that they wad give . to a greater extent productive workers receive higher wages Productivity can be increased by higher education and project . For instance , registered nurses receive higher wages than hotel clerks .

This is because nurses be more(prenominal) productive as they tend to be better educatedFurthermore , professions or jobs that require higher productivity tend to have higher demand . However , these jobs also require harder training or longer schooling . Thus , there are little people privationing to undergo much(prenominal) . This results to lower supply . With a high demand and a low supply the prices of labor for these professions tend to be high . This is one of the basic principles of the law of supply and demandBasically , the differences in wages of various professions are due to the differences in education and training that workers in such professions need to enter it . The higher the education or the more difficult the training , the tendency is for the wages to be higher...If you want to get a full essay, order it on our website: Ordercustompaper.com

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