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Labor Market and Demand For Human Resources

The document discusses key concepts related to labor markets and demand for human resources. It defines a labor market as a market where people offer their skills to employers in exchange for compensation. Labor demand is defined as the need for employees in a particular labor market, and is provided by employers. Factors that influence labor demand include the number of organizations, population size, education levels, immigration, how much labor firms need, wage rates, and government regulations. Labor supply is defined as the number of workers willing and able to work, and is provided by people willing to work. Factors influencing labor supply include population size, education levels, immigration, wage rates, and government regulations. The equilibrium point in the labor market occurs where labor demand

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Enie Wonder
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26 views

Labor Market and Demand For Human Resources

The document discusses key concepts related to labor markets and demand for human resources. It defines a labor market as a market where people offer their skills to employers in exchange for compensation. Labor demand is defined as the need for employees in a particular labor market, and is provided by employers. Factors that influence labor demand include the number of organizations, population size, education levels, immigration, how much labor firms need, wage rates, and government regulations. Labor supply is defined as the number of workers willing and able to work, and is provided by people willing to work. Factors influencing labor supply include population size, education levels, immigration, wage rates, and government regulations. The equilibrium point in the labor market occurs where labor demand

Uploaded by

Enie Wonder
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as DOCX, PDF, TXT or read online on Scribd
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Labor market and demand for human resources

1. Choose four definitions of labor market:


a. market where people offer goods and resources to employers in exchange
for wages, salaries and other forms of compensation;
b. market where people offer their skills to employers in exchange for wages,
salaries and other forms of compensation;
c. special territory where workers find paying work, employers find willing
workers;
d. nominal market in which workers find paying work, employers find willing
workers, and wage rates are determined;
e. the supply of people in a particular country or area who are able and willing
to work, especially in relation to the number of jobs that are available;
f. a mechanism for reconciling the interests of employers and employees.

2. Choose two definitions of labor demand:


a. the need for employees and workers in a particular labor market;
b. a need for something to be sold or supplied;
c. the number of workers employed in all firms and organisations;
d. the number of workers firms are willing and able to hire;
e. the number of workers willing and able to work.

3. Indicate who provides demand at the labor market:


a. employers;
b. employees;
c. firms;
d. organisations;
e. people who are willing and able to work.

4. Indicate the factors that influence labor demand:


a. the number of organisations;
b. the number of population;
c. education levels;
d. immigration;
e. how much labor the firm needs;
f. wage rate;
g. government regulations.

5. Choose two definitions of labor supply:


a. an amount of something that is available for use;
b. the number of workers firms are willing and able to hire;
c. the number of workers willing and able to work;
d. the availability of suitable human resources in a particular labor market;
e. the capabilities of human resources to learn and develop.
6. Indicate who provides supply at the labor market:
a. employers;
b. employees;
c. firms;
d. organisations;
e. people who are willing and able to work.

7. Indicate the factors that influence labor supply:


a. the number of organisations;
b. the number of population;
c. education levels;
d. immigration;
e. how much labor the firm needs;
f. wage rate;
g. government regulations.

8. Make a correspondence between the graph and the indicator:


b. labor supply

1.
c. equilibrium at the labor market

2.
a. labor demand

3.
9. Choose the characteristics of labor demand curve:
a. a wage/employment diagram;
b. upward sloping;
c. negatively sloping;
d. indicates how much work firms demand at different wage rates;
e. how much work is being supplied at different wage rates;
f. meaning that people want to work more if the pay gets better;
g. meaning that firms want to cut down on employment if work becomes more
expensive.

10.Choose the characteristics of labor supply curve:


a. a wage/employment diagram;
b. upward sloping;
c. negatively sloping;
d. indicates how much work firms demand at different wage rates;
e. how much work is being supplied at different wage rates;
f. meaning that people want to work more if the pay gets better;
g. meaning that firms want to cut down on employment if work becomes more
expensive.

11.The point at which the demand for labor is met by the supply of labor is the
definition of:
a. labor market;
b. labor demand curve;
c. labor supply curve;
d. equilibrium.
12.The equilibrium at the labor market means:

each individual that wants to work has a job. Shifts in equilibrium create either a
labor surplus or labor shortage

13.Why is it important for the HR manager to know the situation at the labor market?
It is very important for HR manager to know the situation in the labor market for
several reasons:
 It will let him know whether the company/organization is ready to take a
new employee or hire
 It lets him know whether the financial state of the organization can bear the
number of employees they have in the department

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