Log out Go to App
Go to App

Learning Materials

Features

Discover

Chapter 4: Problem 13

What is the “price” commonly called in the labor market?

Short Answer

Expert verified
The commonly called "price" in the labor market is referred to as "WAGE", which is the compensation paid by employers to employees based on an hourly, daily, or weekly rate. It can also be called "SALARY" when it's paid as a fixed amount on a regular basis, such as monthly or yearly.

Step by step solution

01

Definition of The Labor Market

The labor market refers to the supply and demand for labor, involving various stakeholders such as job seekers, employers, and the government.
02

Identify the Price in the Labor Market

The "price" in the labor market context refers to the amount (usually monetary) paid in exchange for labor or work done. This amount is paid by employers to employees or workers in exchange for their time, effort, and skills.
03

Common Term for Price in the Labor Market

The commonly used term for the "price" in the labor market is "WAGE". Wages are the compensation paid by employers to employees based on an hourly, daily, or weekly rate. It can also be referred to as a "SALARY" when it's paid as a fixed amount on a regular basis, such as monthly or yearly. These terms are important as they drive various aspects of labor market and guide negotiations between employers and employees in terms of pay based on various factors such as experience, skills, and qualifications.

Unlock Step-by-Step Solutions & Ace Your Exams!

  • Full Textbook Solutions

    Get detailed explanations and key concepts

  • Unlimited Al creation

    Al flashcards, explanations, exams and more...

  • Ads-free access

    To over 500 millions flashcards

  • Money-back guarantee

    We refund you if you fail your exam.

Start your free trial

Over 30 million students worldwide already upgrade their learning with Vaia!

One App. One Place for Learning.

All the tools & learning materials you need for study success - in one app.

Get started for free

Most popular questions from this chapter

Which of the following changes in the financial market will lead to a decline in interest rates: a. a rise in demand b. a fall in demand c. a rise in supply d. a fall in supply

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

If the government imposed a federal interest rate ceiling of 20% on all loans, who would gain and who would lose?

Which of the following changes in the financial market will lead to an increase in the quantity of loans made and received: a. a rise in demand b. a fall in demand c. a rise in supply d. a fall in supply

What would be a sign of a shortage in financial markets?
See all solutions

What do you think about this solution?

We value your feedback to improve our textbook solutions.

Study anywhere. Anytime. Across all devices.

Sign-up for free