The Labor Market

Today, the workforce is unfair; genders are not treated equally. Women are paid less than men for a variety of reasons. Whether it be discrimination, tradition, or simply the effects of the wage gap beginning right out of college, women are underpaid.

Women joined the workforce in early 1800s. The wage gap fluctuates depending on age and status. In early twenty-first century women’s median pay began to rise compared to men’s median pay (“Women in the Workplace”). The wage gap has remained despite the significant advances made by most generations of women in the labor market (“Understanding the Gender Gap”). In 1933 National Recovery administration designed codes that improved women wages, shortened hours, and increased the number of women employment (“Women in the Workplace”). Despite all the hardships women faced being in the workforce they didn’t give up. The workforce is sexiest in a way due to the fact the workforce is centered towards men and generally unfair to women. In the article

The wage gap has been around for quite some time now. For many years, women working was rare, since they had to stay home to clean the house or take care of the children. But today, you wouldn’t think it was like that, considering that the women’s labor-force participation rate is hovering around 57 percent.but just because they’re participating more, doesn’t mean they’re getting paid fairly. The sad thing is though, is that the pay gap isn’t just based on gender, but age, and ethnicity play a large role too. I get maybe one person having more experience, or education, but gender, age and ethnicity should not have an impact of how much someone gets paid as opposed to one of their coworkers. Many people say there is no wage gap, or that

In order for society to function a stable economy is required, and for an economy to function workers are needed.

A firm's demand for labor depends on, in part, the demand for the firm's product. To summarize this idea, economists say that the demand for labor is:

As stated by many feminists, celebrities and politicians the gender wage is a problem that is justified by the statement that women make 77 cents to every dollar men make. If, for the same work why don’t businesses hire only women? Wages are one of the biggest expenses for small and large businesses, so if they only hired women then they would be saving 23 cents to every dollar they would have to pay. The statistic that there is 77 cents to every dollar isn’t the whole story around the supposed gender wage gap. While statistics are true and very valuable, they are also notorious for being a means that people use to make false and misleading arguments to persuade a large group of people. The gender wage gap is not

The lower employment occurs mainly because the increase in the cost of low-skilled labor, relative to the cost of using other productive inputs (such as machinery or more skilled workers), leads employers away from using low-skilled labor and toward these other inputs. This substitution effect is reinforced by the higher overall cost of production associated with the legislated increase in the wage for low-skilled workers, which in turn raises the price of the product and results in less output sold. (NA)

"Labor market" can be defined as the mechanism in which workers compete for jobs and employers compete for workers. In a labor market, wages, benefits and responsibilities of workers are bought and sold. Unlike traditional markets however, labor is not a good that can be differentiated by conventional rules of supply and demand. While workers are the suppliers and employers are the buyers, overall supply cannot be manufactured as people only have a limited amount of time in a day. Additionally, companies are strong and can often directly manipulate the market by setting strict labor rules, triggering potential reductions in any supply side

Chapter 1 (1.2 Question 4): How do business cycles and the health of the economy affect the value of your labor? In terms of supply and demand, what are the optimal conditions in which to sell your labor? How might further education increase your mobility in the labor market (the value of your labor)?

The general economic climate is another external factor however it relates to the product market. This can affect the employment relationship as there will be a drop in demand of products should the

As society continues to evolve over years, each country of the world will be developed more rapidly than before. In such cases, there will be some fierce competitions between countries, and these oppositions have related to some phases, such as its global economy and social lifestyles of its citizens. Countries have more oppositions with each other in the aspect of its labor and economy than any other features. In previous years, enough labor forces could support the growth of the national economy of a country because they had available jobs to do. Nevertheless, the demand of the labor and economy is different than what it’s used to. The population has surpassed the acceptable size, and industries in the labor force are surplus. For the moment, technology, skills, and machinery have become the trend of the global economy.

Identify and explain the various techniques for forecasting labor supply and labor demand. What can organizations do in the

     In capitalism the worker is a commodity in so as to produce the products needed for the market. Each individual does what they are best at producing and if everyone does this then each person’s needs are taken care of. When each person is working they are paid money for their labor. With this money they can buy goods, which can fulfill their own desires, and so the trading of money for goods can take place in a capitalist market driving the economy forward (Smith 158).

This contracting GDP also has impacts on workers, as some workers will have wages lowered and some will have the hours reduced. Each of these measures is used by organizations to reduce costs while

Labor markets are the external supply pool from which employers attract employees. Within the labor market, the labor force population and applicant population are derived. The labor force population is made up of all the individuals that may be reached using different recruiting methods. Recruiting