<span>Reduction in a nation's labor force would long-run aggregate supply curse to the left, representing a reduction in labor. This would tend to drive up labor costs over time. Presumably, the demand curve would remain static in the short-term.
However, such a reduction would also impact the nation's consumption and thereby reduce the demand for products. This would in turn drive a decreased demand for labor (leftward shift) and apply downward pressure to wages.
The answer to this depends on whether the questions is regarding short-term, medium-term or long-term labor supply/demand curve.</span>
Agreed! This is so true tho!
The two different ways in which we usually express information about the demand for a good service or resource are the demand schedule is equal to the demand curve.
Explanation:
Demand refers to a consumer's appetite and willingness to buy products and services and to pay the price for a particular good or service. Keeping all the other variables steady will decrease the amount required by increasing the price of a good or service and vice versa.
Usage means the potential of consumers to buy goods and services at certain prices.
It can be either market demand for a particular commodity or aggregate demand for all products in such an economy.
Demand decides, in conjunction with supply, the actual cost and the quantity of goods which increase in value on the market.
Bob's suggestion will allow Mary to find a middle ground between her family and her career.
Explanation:
Mary will be able to follow her career path which is rewarding and lucrative if she does not have to work full time because if she follows the path she will have to work part time and she will still have time to spare for her children.
The same goes for her family life because if she had to have chosen the job she would not be able to take care of her children and give them the upbringing she wants to, if she had left the job she would have to let go of her career.
