Akhmadaliyev diyorbek Mominov Muhammadyusuf Abduraximov Nodirbek Plan - Indicators of market relations and use of labor resources.
- Demand for labor resources.
- Supply of labor resources.
- Competitive labor market.
- The influence of trade unions on the labor market.
- Monopoly labor market.
- Salary and productivity.
1. Indicators of market relations and use of labor resources - Three key measures of labor market activity are the unemployment rate, the labor force participation rate, and the employment-to-population ratio.
- The KILM is a collection of 17 key indicators of the labour market; covering employment and other variables relating to employment (status; economic activity; occupation; hours of work etc.); employment in the informal economy;unemployment and the characteristics of the unemployed; underemployment; education
2. Demand for labor resources - The demand for labor is an economics principle derived from the demand for a firm's output. That is, if demand for a firm's output increases, the firm will demand more labor, thus hiring more staff.
- Employers demand labor because workers are an important part of the production process. Workers use tools and equipment to turn inputs into output. Without workers, employers couldn't produce goods and services and earn profits.
3. Supply of Labor resources - The supply for labour is the number of hours a worker is willing and able to work in a given time period. The supply for labour curve shows the number of hours of labour the worker is willing to supply. Individual labour supply is determined by income and substitution effects.
- The supply of labor shifts when there are changes in the population, changes in preferences and social norms, and changes in wage rates and opportunities in other markets.
4. Competitive Labor Market - What is a competitive labor market? A perfectly competitive labor market is a composite of many firms that are in competition for workers. Firms have no power to set wages; the market determines a competitive wage. If a firm deviates from this wage, it either pays less and loses workers or pays more, sustains losses, and exits the market.
5. The influence Of trade Unions on the labor - A trade union increases workers' bargaining power for higher wages and better work conditions. Collective bargaining is the process by which the trade union presents workers' interests to the employer. Market wage rates and the number of workers hired can be set through collective bargaining.
- What is labour market monopoly? A monopsony is when a firm is the sole purchaser of a good or service whereas a monopoly is when one firm is the sole producer of a good or service. Most examples of monopsony have to do with the purchase of workers' time in the labor market, where a firm is the sole purchaser of a certain kind of labor.
7. Salary aND productivity - There is evidence that increasing real wages does have a positive impact on employee productivity. Studies show that when employees are fairly rewarded for their efforts, it leads to increased efficiency and better overall performance in the workplace. This boost in productivity is usually small – around 3%.
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