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Chapter 4: Problem 13

What is the "price" commonly called in the labor market?

Short Answer

Expert verified
In the labor market, the term commonly used for "price" is "wages" or "salary." This refers to the amount paid by employers in exchange for the services provided by workers.

Step by step solution

01

Define the Labor Market

The labor market is the platform where workers offer their services for wages paid by employers. It is where individuals seeking jobs interact with employers looking for workers who can provide services in the labor-related tasks.
02

Understand the Term "Price" in Labor Market

In the labor market, the term "price" refers to the amount paid by employers in exchange for the services provided by workers. This amount is usually decided by supply and demand factors involving the skill level and productivity of the labor force.
03

Identify the Common Term for "Price" in the Labor Market

The "price" commonly called in the labor market is known as "wages" or "salary."

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Most popular questions from this chapter

In the financial market, what causes a movement along the demand curve? What causes a shift in the demand curve?

Other than the demand for labor, what would be another example of a "derived demand?"

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

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

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