Labour market refers to the demand and supply of the employment in the economy. The part of economics, which deals in the labour market, is known as labour economics. Labour economics is related to the equilibrium of supply of labour by workers and demand of labour by employers. This field of economics deals in both theoretical and empirical concepts of the economics. Labour economics is one of the most important part of the economics and application of both theory and numerical makes it difficult for the students to understand the subject. Due to the challenging assignment regarding this subject, students are compelled to look for immediate Labour economics assignment help.
Equilibrium Wages: Equilibrium wage is the situation where the demand of labour is equal to supply of labour. Inn means that all the people who are looking for unemployment are able to get the job at the equilibrium wages. But the equilibrium of the labour market is affected by the structural unemployment and the rate of migration. Migration from one labour market to another, effects the supply of labour which finally has a consequence on equilibrium wages.
Theory Of Efficiency Wages: Efficiency wage is the wage above equilibrium which companies provide to attract skilled labour. This action is taken by the company to increase the productivity or to motivate the employee for quality work. This also results in boost the morale of the employee. But when a firm pays efficiency wages, or wages more than equilibrium, they influence the market and creates cyclic unemployment. When the firm pays efficiency wages, they minimize the turnover and prove to be a stimulus to not leave the job. This also has sociological effect, as high wages result in high morale and better living standards.
Unemployment: unemployment is a situation where person actively searches for a job, but is incompetent to find one. There are different types of unemployment which constitutes natural rate of unemployment. It is the amalgamation of frictional and structural unemployment. There are various reasons of unemployment, some of them are population, slow industrial growth, dependence on agriculture, slow economic growth etc. there are different type of unemployment benefits provided by the government to the unemployed people in the population so that their living standards at least meet the minimum requirements. Unemployment insurance is also a type of unemployment benefit which provides the cash to the unemployed people.
Labour economics assignments consist of all these above-mentioned topics, esp. equilibrium wages concept, with good weightage of marks and thus they are important to be learnt. In case you face problem in solving Labour economics assignment, you can hire top-notch economics writers for your Labour economics assignment help services.
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