How pay for workers is determined?

1 answer:

3 0

According to most economics textbooks, our wages are determined just like any other price: by supply and demand. People supply their labor, and companies demand it, creating a market for labor.

I hope this answer helps you :D

And have a great day!

You might be interested in

Haberdash inc. last year reported sales of $12 million and an inventory turnover ratio of 3. the company is now adopting a just-

Sindrei [870]

Sales = $12,000,000

Inventory Turnover ratio (old) = 3
Inventory Turnover ratio (new) = 7.5
Freed up Cash = ?
So, let’s find out the freed up cash
 We know level of inventory are calculated as follows;
Inventory = Sales Inventory turnover ratio
Calculating $ value of old inventory
 Inventory Old=$12,000.0003
 =$7.5,000,000
 Calculating $ value of New inventory
 Inventory New=$12,000,0075
 =$3,000,000
 The freed up cash would be=Old Inventory – New Inventory
 =$7.5,000,000 - $3,000,000
=$4.5,000,000

6 0

3 years ago

Read 2 more answers

What resourse is both renewable and inexpensive? gold coal lumber mineral

balu736 [363]

Minerals. Plants contain minerals and it's inexpensive which means it's not that much expensive. Minerals are all around is. Ur welcome.

8 0

3 years ago

Suppose demand is given by q = 80 - 0.5p. what is the price elasticity of demand when p = 40?

Rasek [7]

I believe the answer to this question is: the price elasticity of demand is 60. q = 80 - 0.5(40) is the equation I used. Half of 40 is 20, and 80 minus 20 is 60.

8 0

4 years ago

What do you mean Business Enviroment and Economic Enviroment respectivley?

sergiy2304 [10]

Explanation:

Business environment refers to the factors pertaining to internal or external to the organisation that affects the working of the organisation. The environment provides threats and challenges for the business organisations. So the business organisations should know about their environment to smoothly function the business activities.

Economic environment means the economic situation in a country that affects the business and consumer behavior in a country. The performance of the organisation can be affected by the buying pattern of the consumers. Economic environment is an external and macro environment factor which affects the business.

6 0

3 years ago

When mik has an absolute advantage in the production of two goods over tommy, mik?

Vesna [10]

When milk has an absolute advantage in the production of two goods over Tommy, Milk IS MORE PRODUCTIVE IN PRODUCING BOTH GOODS THAN TOMMY.
A country or an individual is said to have absolute advantage in producing a good if the person can produce the good more efficiently economic wise.

6 0

3 years ago