Should Congress increase the minimum wage?
A. By how much?
B. If increased will it help or hurt small businesses?
C. Is your employer affected by increases in the minimum wage?
D. In what way is your employer affected by minimum wage increases?© BrainMass Inc. brainmass.com October 16, 2018, 5:49 pm ad1c9bdddf
Overview of LABOUR MARKET
The labour market is an informal mechanism where demand for and supply of labour interact.
Demand for labour arises mainly from employers' need for workers to produce goods and services. Firms need workers to make products, design those products, package them, sell them, advertise for them, ship them, and distribute them, among other tasks. No worker will do this for free, and so firms must enter into the labor market and buy labor. Firms determine the amount of labor that they demand according to several considerations: how much the labor will cost (as represented by the market wage), and how much they feel they need, much in the way that buyers in the goods and services market buy according to the market price and their own needs.
Firms are willing to buy labor up to the point where the marginal revenue product of labor is equal to the market wage.
The marginal revenue product is the extra revenue a firm generates when they buy one more unit of input (in this case, the input is labor: a unit of labor isn't a new employee, it's ...
The labour market is assessed.
Perfect competition and the Monopoly; Monopolistic competition & the Oligopoly; Supply and Demand of Labor; Distribution of Income; the Balance of Payments and Exchange Rates; International Trade
1. Perfect competition and the Monopoly
a. In what ways is the monopoly different from perfect competition? In what ways are they alike? Discuss explaining the conditions necessary for each of these market structures.
b. How and why can the monopoly engage in price discrimination? Give examples.
2. Monopolistic competition & the Oligopoly
a. In what ways is the Oligopoly different from monopolistic competition? In what ways are they alike? Discuss explaining the conditions necessary for each of these market structures, give 2 examples of each
b. Why is it necessary for the oligopoly to engage in strategic pricing and advertising?
3. Supply and Demand of Labor
a. What is a labor market?
b. How is the equilibrium wage arrived at?
c. Discuss the shape of the normal demand curves and the normal supply curve in the labour market. Explain their slopes
d. Explain why the elasticity of demand for a firm's good, and the relative importance of labor in the production process influence the elasticity of demand for labor.
e. Explain what it means to say that the demand for labor is a derived demand?
4. Distribution of Income
Discuss some of the factors that can lead to occupational segregation and show how such segregation can lead to a wage gap between males and females in society
5. he Balance of Payments and Exchange Rates
a. What is the meaning of a Balance of Payment?
b. Explain in detail the components of the major accounts of the Balance of Payments.
c. What is an exchange rate?
d. How do the forces of demand and supply determine the exchange rate between two currencies?
6. International Trade
a. What is the meant by the term Comparative Advantage in the context of international trade?
b. What is GATT and why did countries find it necessary to sign this agreement.
c. Explain in detail 4 of the main barriers to international trade imposed by countries.
d. What are some of the main reasons that countries impose barriers to trade?