How much is an employer willing to pay? That depends on the skills and experience you bring to the firm. Rather, it’s because your labor is worth something to the employer-your work brings in revenues to the firm. Why do firms demand labor? Why is an employer willing to pay you for your labor? It’s not because the employer likes you or is socially conscious. The labor market, like all markets, has a demand and a supply. When economists talk about the labor market, they are describing these similarities. For example, when wages go up in one labor market, they tend to go up in others too. While each labor market is different, they all tend to operate in similar ways. scientist), skill level (entry level or more experienced), and location (the market for administrative assistants is probably more local or regional than the market for university presidents). Rather, there is a different market for every different type of labor. The labor market is the term that economists use for all the different markets for labor.
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