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Category: Scholarship Essay

Subcategory: Economics

Level: College

Pages: 3

Words: 825

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Prof
Date
Q.1
a) A labor market consists of the buying and selling of labor. Thus, it consists of all the people willing to work and all the firms/organizations that are looking to hire a worker. As long as there is a supply of a good and a demand for a good a market will exist. Thus as long as there are people looking to trade their labor services for wages and there are firms that seek to hire people a labor market will exist.
b) The normal concepts of supply and demand must be altered when we look at labor markets where the demand for labor is highly heterogeneous; that is firms are looking for very particular skills that most don’t have. When very particular skills are looked for and no two people will do the job exactly the same the normal supply and demand model must be altered. Furthermore when we are looking at labor markets where there are unions, regulations and other forms of barriers to hiring and firing workers(Ontario Labor Market)(Rubinfeild).
c) An example of this is when there is a union. Usually when there is a decrease in demand normal supply and demand models would predict that there would be fall in the quantity of labor employed. However with a union it may be impossible to do this. The Union may act as if many employees are one. Thus, while you have 100 workers and would like to fire five you have to either fire all of them or none of them. This is because the union has agreed to all leave work if one member is fired.
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