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Essay / Research Paper Abstract
This 9 page paper looks at the concept labor economics, what it is and how it used, examining issues such as how wages may be determined by market forces as well as influences such as different types of unemployment and sticky wages. The bibliography cites 5 sources.
Page Count:
9 pages (~225 words per page)
File: TS14_TElabecon.doc
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Unformatted sample text from the term paper:
labor. Marx took an interesting perspective that can form a starting point as he argued that the way that individual would generate income was based on their resources; the bourgeoisie
would use their capital to purchase the labor of others and create wealth in this way. The proletariat do not have the capital, so their only resource to create wealth
or an income, is their labor, which is used to gain wages1. This is interesting as it places labor in then context of a commodity, essential in the context of
labor economics. With labor as a commodity it is possible to start examining labor economic by considering the supply and demand relationship. The usual way in which any commodity
is prices is in response to the underlying supply and demand factors. The point at which any commodity will be priced will be at the point were supply and demand
meet. When looking at the prices of commodities it is usual to find a pattern where the lower the price of a commodity the more attractive it will be to
a potential buyer, and the lower the price the greater the demand (Nellis and Parker, 2006). When placed in a graph where the Y axis shows the price and the
X axis the level of demand, this would result in a downward sloping line. When considering the price of a commodity from the perspective of a supplier the opposite is
likely to be true, when a prices high they are more likely to be attracted to market and want to supply more, benefiting from the higher revenues per unit, as
the price decreases the market itself may become less attractive until a point is reached where it is no longer beneficial for them to supply those commodities (Nellis and Parker,
...