Wages. Labour market презентация

Wages. Labour market Done by Zaika Diana Ek/b 18-3-o

Plan The concept of wages Types of wages Factors that affect the amount of wages Economic factors of wage differentiation The labor market in conditions of perfect competition Supply and demand in the labor market

The concept of wages In a broad sense: remuneration for work In a narrow sense: the price for using a unit of labor for a certain time – an hour, a day, etc.

Types of wages Nominal wages are the amount of money that an employee receives for their daily, weekly, or monthly work.

Factors that affect the amount of wages

Economic factors of wage differentiation

The labor market in conditions of perfect competition a large number of firms compete with each other in hiring a particular type of work; a large number of workers with the same qualifications offer their work independently; firms and workers do not control the rate of wages.

Supply and demand in the labor market The demand for labor is inversely related to the amount of wages. The total labor supply is determined by: the amount of wages; total population; the average number of hours worked by a worker during the week and during the year; the quality, quantity and qualification of labor that will be spent by workers.