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The Paper

1515 words - 7 pages

1) Derived demand is used in economics to describe the demand that is placed on goods or a good or service as a consequence of changes in the price for some other related good or service. It is a demand for some physical or intangible item where a market exists for both related goods and services in question. The derived demand can have a significant impact on the derived good's market price. The concept of derived demand helps to control the demand for labor through one product needing the use of another product. (Tejvan Pettinger, November 28, 2012)
2) The factors that govern the source of labor in a market are buyers and sellers. Most markets we come across individual people such as you ...view middle of the document...

Woman have always been looked at as leaser than in the labor market which is very wrong. Their roles have gained little to no respect in the labor market. Starting from woman’s roles in the labor market to the teenagers with little to no skill joining the labor market early in age. For example, starting in the 60’s it became more common for married females to work outside the home and join the men in the labor market. A large number of woman-many with little to no experience entered the labor market for the first time during this difficult time is society. As a result of this action, wages for entry-level jobs were pushed down. This decline furthered dwindled due to teenagers who were entering the market with little to no skills as well. Also when more college students gained their degrees, starting salaries and even the force itself decreased due to over qualified applicants flooding the market. Which made it very hard for people to make a decent living and therefore affected the economy as whole. For the supply of labor to begin to process of change of labor, we must as a country be able to view each person as just as person and pay them what their skill level is worth and not based off their gender or age. Skill level should be the only reasoning used to justify some ones pay. Effects on the labor market is based off of many issues and once these issues are resolved then the country can truly begin to heal the economy. Being over qualified for a position should not be a statement allowed during the job seeking process. This is what people say to not have to hire someone and pay them the deserve wage that they deserve as a new employee, which is another issue that is bring down the economy over time. The firms who sold goods and services for supply and demand now become the buyers in the labor market. Firms need workers to make products. No worker will do this for free, and so firms must enter into the labor market and buy labor.
4) Income inequality is a measurement of the distribution of wealth across households. This assesses and it also compares the gap in household incomes across any given region of the world. Income inequality is measured by the “Gini coefficient” and it also gages the extent to which the income distribution in a country strays from perfect equity. A Gini coefficient of zero indicates perfect equality. This is when all people alike earn the same income and a coefficient of one indicates perfect inequality. This is when one person holds all the income and everyone else has no income. Measuring income inequality is often used as a standard determination for the welfare of a society or country the relative poverty (Poor) or prosperity (Riches) of a society and used to justify policy attempts at income redistribution to certain sectors of said economy. Technical change has contributed to greater prosperity by raising the productivity of capital and labor, but a side effect of recent technical change has been a...

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