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Labor is one of the factors of production. It’s a measure of work done by human beings. It is one of those factors without which a firm cannot work. Even in the context of rapid industrialization and the increase of capital-intensive industries, the labor factor has not lost its importance. It had not lost its importance because no industry can ever be 100% capital-intensive. There has to be some sort of human intervention, like quality control and other meticulous and skilled works which only a human can perform.
Labor Market is an informal place where workers look for jobs and employers look for workers. This is the place where the wage rates are also determined. Labor markets can be local, national and international in their scope and are made up of smaller, interacting labor markets for different qualifications, skills and geographic locations.
Demand for labor is an indirect demand. It is derived from the firms’ ambition of profit maximization. When a firm desires and decides to produce a particular product, then the firm hires worker who do the work. And if there is no desire on the firm’s side, it will not hire any labor. Here we have to consider the Law of Diminishing Marginal Returns, as the firm hires more and more labor keeping other factors constant, the production increases at first but after a certain point the production increases but at a decreasing rate and then there comes a point when the firm’s productivity decreases. This results in lower quantity of production level than the optimum level. And the firm ends up paying unnecessary wages to unproductive labor. So, a firm has to determine its optimum level based on all factors of production and in particular the capital. Then hiring an approximate level of workers can be better. The firm should keep hiring workers until its marginal revenue product is higher than its marginal cost.
Supply of labor is the workers who are willing to work at a given wage rate. It involves an opportunity cost between work and leisure. The wages must be sufficient to overcome the opportunity cost of leisure. The supply of labor has two things one Is, the rate of wages paid to the workers has an influence to either to take up the work or not. And the other is the level of unemployment in the industry is also a deciding factor in the supply of labor. When there is unemployment prevailing in the industry, the jobless workers will take up work regardless of the amount of wages paid. But, if there is a choice of work and the workers have to choose then they will definitely choose the work in which a higher wage is paid.
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