Supply and Demand for Labor
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1. Many factors determine the supply and demand for labor. Identify and explain two factors that would increase or decrease the demand for labor. Identify and explain two factors that would increase or decrease the supply of labor. Use the readings and/or the internet for examples.
2. Immigration is a major topic of concern in today's economy. What are the possible problems and solutions for these concerns? What could happen to the U.S. labor markets if immigration is not controlled?
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Demand for labour
Increase: An increases in demand. Labours demand would increase as the demand for some good increases. Let me give you a real example, in Canada, the government passed this bill to rebate home renovation fees (every 10K you spend you get 1.5K back). This means that the demand for home renovation will increase, and hence the demand for labour (in this field) will increase. In general, as demand for a good/service increases, the demand of labour in that field will also increase.
Decrease: A technological improvement. Say a hair cutting machine just got invented, and it is much cheaper (and equally better) than a barber, what do you think will happen to the demand for barbers? Clearly the demand decreases. In general a technological improvement (we ...
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