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Labor Economics 5th Edition by George Borjas
Edition 5ISBN: 978-0073511368Labor Economics 5th Edition by George Borjas
Edition 5ISBN: 978-0073511368 Exercise 2
Who are the key actors in the labor market What motives do economists typically assign to workers and firms
Explanation
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The key actors in the labour market are the labours, the employers and the government.
The labours provide their services for the employers.
The employers employ the labours and pay them wages.
The government regulates the labour market. They keep a check on the market so that the labours are not exploited by the employers.
The workers enter the labour market with the motive of earning wages which will help them buy goods for their consumption. The labour wants to get the maximum consumption and also the maximum possible leisure. Thus the labour decides to stay in between the consumption of goods and leisure such that he attains the maximum satisfaction.
The employers enter the labour market to get the labour services at the minimum possible cost or the wage that he has to pay.
The labours provide their services for the employers.
The employers employ the labours and pay them wages.
The government regulates the labour market. They keep a check on the market so that the labours are not exploited by the employers.
The workers enter the labour market with the motive of earning wages which will help them buy goods for their consumption. The labour wants to get the maximum consumption and also the maximum possible leisure. Thus the labour decides to stay in between the consumption of goods and leisure such that he attains the maximum satisfaction.
The employers enter the labour market to get the labour services at the minimum possible cost or the wage that he has to pay.
Labor Economics 5th Edition by George Borjas
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