Answer:
The labor market is the phrase used to describe the supply of labor by employees and demand of labor by the employers as such there is an interaction between the workers and the employers where wage is paid to the workers by the employers for the labor the workers supplied
Being educated gives an employee the capacity to be more productive and gives an indication of the potential of prospective employees to recruiters and employers. Therefore, qualifications attained are an advantage when seeking employment alongside many several other job seekers
Therefore, a grade 12 school-leaver competing for a job alongside several others with similar or tertiary education is less likely to secure a desired job or vocation
However, with a tertiary education, such job seekers would more readily convince recruiters about their ability to satisfactorily perform their desired job
Explanation:
Answer:
FALSE
Explanation:
Microeconomics refers to the branch of economics which examines the actions of persons and businesses in making choices about limited resource distribution and the relationships between these entities and industries.
Although microeconomics concentrates on companies and people, macroeconomics focuses on overall economic exercise, talking about issues of development, interest rates, and joblessness, and governmental policies on such concerns.
Thus, from the above we can conclude that the given statement is false.
Answer: eventually rise and fall to match upward or downward changes in the price level.
Explanation:
Long-run aggregate supply (LRAS) curve simply shows the long-term output for a country. In the long-run, it should be noted that the aggregate supply curve is vertical, which shows that the changes in the aggregate demand will only result in a temporary change with regards to the total output of the economy.
The aggregate supply curve of an economy assumes that the wages and other resource prices eventually rise and fall to match upward or downward changes in the price level.
Therefore, the correct option is A.
The player in the economy that supplies labor in the factor market is households.
Economists refer to all of the resources that firms utilize to buy, rent, or hire the equipment they use to generate goods or services as the "factor market."
The factors of production—raw materials, land, labor, and capital—are what are required to meet these needs.
The input market is another name for the factor market.
By this definition, all markets fall into one of two categories: those that provide businesses with the resources they require, or those that provide consumers with the goods and services they need to make purchases.
The market for finished goods or services is referred to as an output market, whereas a factor market is referred to as an input market.
This can be seen as a closed-loop flow where households are sellers and businesses are buyers in the factor market and vice versa in the market for goods and services.
Hence, The player in the economy that supplies labor in the factor market is households.
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Answer:
c) Flow diagram.
Explanation:
Flow diagram also known as a flowchart can be defined as a visual representation or an activity diagram which is typically used to illustrate or demonstrate the simple sequence of actions or movements within a complex process and workflow. A Flow diagram would be best to draw out the movement of people or material.
Generally, a flowchart or flow diagram makes use of symbols such as rectangle, oval, diamond, arrow to represent the steps, flow or sequence of a complex system.
