The labor market consists of workers interested in selling their services and firms interested in hiring them. Firms pay workers wages in exchange for their work, either annually or hourly. Labor quantity is measured by the number of workers or total hours worked.
In a perfectly competitive labor market, there are many firms and workers with no single firm influencing wages. Wages are determined by the equilibrium of labor supply and demand. Firms will only hire workers if the value they produce exceeds their wages, and will fire workers if value falls below costs.
Both labor supply and demand determine the labor market equilibrium wage and employment level. Workers decide whether and how much to work based on comparing wages to their reservation wage. Higher wages increase labor
This document summarizes factors that influence wage determination in labor markets, including supply and demand, trade unions, government intervention, and discrimination. Key points include:
- Supply and demand are primary determinants of wages, with wages rising or falling based on labor demand changes.
- Economic rent and transfer earnings also impact wages. Workers earn more economic rent the more inelastic the labor supply.
- Trade unions aim to increase member wages through collective bargaining, creating a new higher minimum supply curve. This raises wages but reduces employment.
- Government policies like minimum wage legislation and anti-discrimination laws also impact wages.
- Discrimination against groups lowers their wages below true market rates due to prejudices about their productivity
This document provides an introduction to labour economics. It discusses key concepts such as labour demand and supply, and how they interact in the labour market to determine equilibrium wage and quantity. Labour demand comes from firms and is affected by the wage rate, capital costs and output prices. Firms will maximize profits by hiring workers up to the point where marginal revenue product equals marginal factor cost. Labour supply depends on wages as well as income and substitution effects. The interaction of labour demand and supply curves results in the equilibrium wage and employment level in the market. Monopsony and factors like unions, minimum wages can impact the wage-employment relationship. Unemployment may occur if demand shifts leftward resulting in a surplus of workers.
1. The document discusses the marginal revenue product (MRP) theory of labour demand, which states that firms will demand labour up to the point where the marginal cost of an additional worker equals the marginal revenue product of that worker.
2. It provides examples to illustrate how marginal revenue product is calculated based on marginal physical product and output price. It also discusses how imperfect competition can impact marginal revenue product.
3. The document then discusses factors that can cause shifts in the demand for labour like changes in product demand, productivity, costs of employing workers, and technology. It also discusses the elasticity of labour demand.
The document summarizes key concepts related to labor supply and demand. It discusses how individuals supply more labor as wages increase due to substitution and income effects. It also discusses how firms demand more labor as wages decrease due to marginal revenue product. The document concludes by discussing how market equilibrium is reached through the intersection of the labor supply and demand curves and factors like minimum wages that can shift this equilibrium.
The document discusses labor markets and the markets for factors of production. It explains that firms demand factors of production based on the production of goods, and that labor demand is derived from a firm's production function. Equilibrium in labor and other factor markets is reached where the value of the marginal product equals the price for the factor. A shift in the supply or demand for a factor impacts the equilibrium price and quantity exchanged in its market as well as the earnings of other factors used in production.
The document discusses the demand for labor from the perspective of individual firms and the overall labor market. It explains that in the short-run, a firm's demand for labor (its marginal revenue product curve) depends on the marginal product of labor. In the long-run, when both capital and labor are variable, firms will substitute between the two inputs in response to wage changes. The market demand for labor is less elastic than the sum of individual firm demands, due to product price effects. The elasticity of labor demand depends on factors like the elasticity of product demand and the share of labor costs in total costs.
The labor market consists of workers interested in selling their services and firms interested in hiring them. Firms pay workers wages in exchange for their work, either annually or hourly. Labor quantity is measured by the number of workers or total hours worked.
In a perfectly competitive labor market, there are many firms and workers with no single firm influencing wages. Wages are determined by the equilibrium of labor supply and demand. Firms will only hire workers if the value they produce exceeds their wages, and will fire workers if value falls below costs.
Both labor supply and demand determine the labor market equilibrium wage and employment level. Workers decide whether and how much to work based on comparing wages to their reservation wage. Higher wages increase labor
This document summarizes factors that influence wage determination in labor markets, including supply and demand, trade unions, government intervention, and discrimination. Key points include:
- Supply and demand are primary determinants of wages, with wages rising or falling based on labor demand changes.
- Economic rent and transfer earnings also impact wages. Workers earn more economic rent the more inelastic the labor supply.
- Trade unions aim to increase member wages through collective bargaining, creating a new higher minimum supply curve. This raises wages but reduces employment.
- Government policies like minimum wage legislation and anti-discrimination laws also impact wages.
- Discrimination against groups lowers their wages below true market rates due to prejudices about their productivity
This document provides an introduction to labour economics. It discusses key concepts such as labour demand and supply, and how they interact in the labour market to determine equilibrium wage and quantity. Labour demand comes from firms and is affected by the wage rate, capital costs and output prices. Firms will maximize profits by hiring workers up to the point where marginal revenue product equals marginal factor cost. Labour supply depends on wages as well as income and substitution effects. The interaction of labour demand and supply curves results in the equilibrium wage and employment level in the market. Monopsony and factors like unions, minimum wages can impact the wage-employment relationship. Unemployment may occur if demand shifts leftward resulting in a surplus of workers.
1. The document discusses the marginal revenue product (MRP) theory of labour demand, which states that firms will demand labour up to the point where the marginal cost of an additional worker equals the marginal revenue product of that worker.
2. It provides examples to illustrate how marginal revenue product is calculated based on marginal physical product and output price. It also discusses how imperfect competition can impact marginal revenue product.
3. The document then discusses factors that can cause shifts in the demand for labour like changes in product demand, productivity, costs of employing workers, and technology. It also discusses the elasticity of labour demand.
The document summarizes key concepts related to labor supply and demand. It discusses how individuals supply more labor as wages increase due to substitution and income effects. It also discusses how firms demand more labor as wages decrease due to marginal revenue product. The document concludes by discussing how market equilibrium is reached through the intersection of the labor supply and demand curves and factors like minimum wages that can shift this equilibrium.
The document discusses labor markets and the markets for factors of production. It explains that firms demand factors of production based on the production of goods, and that labor demand is derived from a firm's production function. Equilibrium in labor and other factor markets is reached where the value of the marginal product equals the price for the factor. A shift in the supply or demand for a factor impacts the equilibrium price and quantity exchanged in its market as well as the earnings of other factors used in production.
The document discusses the demand for labor from the perspective of individual firms and the overall labor market. It explains that in the short-run, a firm's demand for labor (its marginal revenue product curve) depends on the marginal product of labor. In the long-run, when both capital and labor are variable, firms will substitute between the two inputs in response to wage changes. The market demand for labor is less elastic than the sum of individual firm demands, due to product price effects. The elasticity of labor demand depends on factors like the elasticity of product demand and the share of labor costs in total costs.
The document discusses factor markets, which are markets where the factors of production (labor, capital, land, and entrepreneurship) are traded. It specifically examines the labor market, capital market, and land market. It defines key terms like marginal revenue product (MRP), value of marginal product (VMP), and explains how firms determine the demand for factors of production based on equating MRP and factor prices. The labor market equilibrium and determinants of labor supply and demand are also summarized.
Wage Determination and the Allocation of Laborecogeeeeeks
This document discusses theories of wage determination in labor markets including perfectly competitive labor markets, monopsony, and delayed supply responses. In a perfectly competitive labor market, the equilibrium wage and employment are determined by the intersection of supply and demand. A monopsony is a labor market with a single employer, which pays workers less than a competitive wage and hires fewer workers, resulting in inefficiency. Delayed supply responses in some professions can lead to cyclical "cobweb" adjustments as supply lags behind changing demand.
- Price controls, including price ceilings, price floors, and quantity controls like quotas, lead to inefficient market outcomes and deadweight losses.
- Price ceilings cause underproduction as suppliers face prices below the market equilibrium. Price floors cause overproduction as demand is below the new higher market price. Both result in surpluses and shortages.
- Quantity controls also reduce market efficiency and total surplus by restricting quantities traded to a level other than what supply and demand would determine. This creates shortages or surpluses and deadweight losses.
This document provides an overview of key concepts in labor economics. It discusses:
- Labor economics analyzes labor markets using microeconomic and macroeconomic techniques to understand interactions between workers, firms, and the government.
- Microeconomic analysis examines individuals and firms, while macroeconomic analysis looks at interactions between labor markets and other markets and how they influence aggregate outcomes.
- Labor economics is important for understanding socioeconomic issues, the quantitative role of labor in the economy, and unique characteristics of labor markets influenced by factors like unions.
- The field has evolved from a descriptive, historical approach to using applied micro and macroeconomic theories of choice, scarcity, purposeful behavior, and adaptability.
- Firms demand inputs based on the demand for the outputs they can produce. Inputs are complementary or substitutable, and subject to diminishing returns.
- A firm will demand an input as long as its marginal revenue product exceeds its cost. For a single variable input like labor, the marginal revenue product curve determines the firm's demand in the short run.
- When a factor price changes, firms substitute toward cheaper inputs but also adjust output, affecting demand for all inputs. Higher wages induce substitution from labor to capital through technology changes.
This document provides an introduction to economics. It defines economics as the study of production, distribution, and consumption of goods and services. It also distinguishes between microeconomics, which focuses on individual agents, and macroeconomics, which analyzes the whole economy. The document then covers concepts in demand such as the determinants of demand, demand functions, the law of demand, and elasticity of demand. It also discusses the meaning of supply, supply functions, the law of supply, and elasticity of supply. Finally, it explains how equilibrium price and quantity are determined by the intersection of supply and demand curves.
This document provides an outline and overview of key concepts in Keynesian macroeconomics within the aggregate demand-aggregate supply (AD-AS) model. It discusses real wage and price rigidities, the efficiency wage model, and how these ideas lead to the possibility of unemployment equilibrium. The document also covers monetary and fiscal policy tools in the Keynesian framework to stabilize the economy when it is not producing at full employment.
The document describes three basic models of the economy:
1) The circular flow model shows how households and firms interact in the goods/services and factor markets.
2) The business cycle model looks at how the economy fluctuates over time between periods of growth, peak, recession, and recovery.
3) The production possibilities curve illustrates the tradeoffs between producing different amounts of two goods given limited resources, with points on the curve being efficient and outside being impossible.
Wages and Employment in Perfect CompetitionLumen Learning
This document discusses labor markets under perfect competition. It begins by defining marginal revenue product (MRP) as the productivity of a resource in producing a good or service times the market value of that good, and marginal factor cost (MFC) as the cost of employing a resource. It states that firms will hire resources as long as MRP exceeds MFC.
It then provides an example where the MRP of the first 5 workers exceeds their $6/hour MFC, so the firm would hire 5 workers. The document explains that under perfect competition, MRP represents the demand for labor and MFC represents the supply of labor. Determining how many resources to hire is done by comparing supply and demand. Over time
1) Trade union membership in the UK has declined significantly over the past 30 years from a peak of over 13 million in the late 1970s to around 6.5 million currently.
2) While unions aim to improve wages and conditions for workers, critics argue they distort labour markets and drive up costs for businesses. However, others note unions can also boost productivity and create higher aggregate demand through increased incomes.
3) Many unions have modernized in response to changes in the economy and now often cooperate more with employers on issues like flexibility, skills and competitiveness rather than relying on confrontation.
1. Factor markets determine the prices or wages paid to labor and other factors of production. The minimum payment a factor requires to remain in its employment is its transfer earnings, while any payment above this minimum is considered economic rent.
2. In a perfectly competitive labor market, the equilibrium wage rate is determined by the intersection of the market supply and demand curves for labor. The demand curve shows the quantity of labor demanded at each wage rate, while the supply curve shows the quantity supplied.
3. A firm's demand for labor is represented by its marginal revenue product (MRP) curve, which shows the additional revenue generated by each additional worker hired. The firm hires workers up to the point where the M
This document discusses supply, production, and factors of production in economics. It defines supply as the quantity of a good or service producers are willing to sell at a given price. Production is defined as the act of creating output that has value. The factors of production that are inputs to the production process are land, labor, capital, technology, and entrepreneurship. A production function relates the physical output of a process to the inputs or factors of production used.
This document discusses supply, the supply function, determinants of supply, and the law of supply. It defines supply as the quantity of a product offered for sale at a given price in a given time period. The supply function defines the quantity supplied (Sx) as a function of price (Px) and other determinants, including production costs, prices of related goods, technology, taxes, subsidies, and external factors. The law of supply states that as price increases, suppliers will offer a larger quantity, and as price decreases, suppliers will offer a smaller quantity.
This document covers key concepts in microeconomics including supply and demand, market structures, price controls, and normal versus inferior goods. It provides definitions and examples of demand, supply, price ceilings, price floors, buffer stocks, and different market models. Situations that cause supply to shift left and the effects of a drought on the corn market over time are also examined using supply and demand diagrams.
This document discusses the relationship between supply and demand in a free market economy. It defines supply as the amount a producer is willing to produce at different prices, and demand as an individual's need or desire for a good at a given price. Supply and demand graphs visually represent how supply and demand interact, with their intersection determining the equilibrium price and quantity. The relationship between supply and demand dictates what products are produced and at what prices, and sparks competition between businesses seeking to meet consumer needs and make a profit.
This document discusses different types of elasticity of demand:
1. Price elasticity of demand measures how quantity demanded responds to changes in price and can be perfectly elastic, perfectly inelastic, relatively elastic, relatively inelastic, or unit elastic.
2. Income elasticity of demand measures how quantity demanded responds to changes in consumer income and can be zero, negative, unit, greater than unity, or less than unity.
3. Cross elasticity of demand measures how the quantity demanded of one good responds to price changes in another good. It shows the relationship between the demands for substitute and complementary goods.
This document provides a summary of key concepts related to market demand and supply. It discusses the basic decision-making units in an economy, including firms that produce goods and households that consume them. It then covers the concepts of demand schedules and curves, the law of demand, and how shifts in demand versus movements along a demand curve. Similar concepts are presented for supply schedules and curves as well as the law of supply. The document also discusses how individual demand and supply combine to form market demand and supply and how equilibrium is reached in markets where quantity supplied equals quantity demanded.
This document provides information about shopping carts and e-commerce platforms. It discusses the benefits of using a shopping cart software, including ease of use, saving time and money, support, boosting sales, accepting multiple currencies, and additional apps. It then evaluates and reviews several popular e-commerce shopping cart platforms: Shopify, Bigcommerce, Magento, WooCommerce, and OpenCart. For each one it provides pros and cons as well as links to more detailed reviews.
The document discusses electronic commerce (e-commerce). It defines e-commerce as buying and selling products or services over electronic systems like the internet. It describes different types of e-commerce like business-to-business, business-to-consumer, consumer-to-business, and consumer-to-consumer. The document outlines the history and advantages of e-commerce. It provides guidance on developing an e-commerce solution for small businesses, including finding a market need, writing effective copy, designing a website, marketing, and providing good customer service. It also discusses why small businesses need e-commerce and opportunities it provides for new entrepreneurs.
E commerce online-advertising_email_marketingabir hossain
This document discusses planning for e-commerce, online advertising, and email marketing. It provides information on different types of e-commerce like B2B, B2C, C2C and C2B. It outlines important aspects of developing an e-commerce strategy including defining objectives, choosing a business model, developing a website, handling logistics and payments. The document also discusses the pros and cons of online advertising and defines email marketing as a direct way to reach customers via email to build loyalty and awareness.
The document discusses factor markets, which are markets where the factors of production (labor, capital, land, and entrepreneurship) are traded. It specifically examines the labor market, capital market, and land market. It defines key terms like marginal revenue product (MRP), value of marginal product (VMP), and explains how firms determine the demand for factors of production based on equating MRP and factor prices. The labor market equilibrium and determinants of labor supply and demand are also summarized.
Wage Determination and the Allocation of Laborecogeeeeeks
This document discusses theories of wage determination in labor markets including perfectly competitive labor markets, monopsony, and delayed supply responses. In a perfectly competitive labor market, the equilibrium wage and employment are determined by the intersection of supply and demand. A monopsony is a labor market with a single employer, which pays workers less than a competitive wage and hires fewer workers, resulting in inefficiency. Delayed supply responses in some professions can lead to cyclical "cobweb" adjustments as supply lags behind changing demand.
- Price controls, including price ceilings, price floors, and quantity controls like quotas, lead to inefficient market outcomes and deadweight losses.
- Price ceilings cause underproduction as suppliers face prices below the market equilibrium. Price floors cause overproduction as demand is below the new higher market price. Both result in surpluses and shortages.
- Quantity controls also reduce market efficiency and total surplus by restricting quantities traded to a level other than what supply and demand would determine. This creates shortages or surpluses and deadweight losses.
This document provides an overview of key concepts in labor economics. It discusses:
- Labor economics analyzes labor markets using microeconomic and macroeconomic techniques to understand interactions between workers, firms, and the government.
- Microeconomic analysis examines individuals and firms, while macroeconomic analysis looks at interactions between labor markets and other markets and how they influence aggregate outcomes.
- Labor economics is important for understanding socioeconomic issues, the quantitative role of labor in the economy, and unique characteristics of labor markets influenced by factors like unions.
- The field has evolved from a descriptive, historical approach to using applied micro and macroeconomic theories of choice, scarcity, purposeful behavior, and adaptability.
- Firms demand inputs based on the demand for the outputs they can produce. Inputs are complementary or substitutable, and subject to diminishing returns.
- A firm will demand an input as long as its marginal revenue product exceeds its cost. For a single variable input like labor, the marginal revenue product curve determines the firm's demand in the short run.
- When a factor price changes, firms substitute toward cheaper inputs but also adjust output, affecting demand for all inputs. Higher wages induce substitution from labor to capital through technology changes.
This document provides an introduction to economics. It defines economics as the study of production, distribution, and consumption of goods and services. It also distinguishes between microeconomics, which focuses on individual agents, and macroeconomics, which analyzes the whole economy. The document then covers concepts in demand such as the determinants of demand, demand functions, the law of demand, and elasticity of demand. It also discusses the meaning of supply, supply functions, the law of supply, and elasticity of supply. Finally, it explains how equilibrium price and quantity are determined by the intersection of supply and demand curves.
This document provides an outline and overview of key concepts in Keynesian macroeconomics within the aggregate demand-aggregate supply (AD-AS) model. It discusses real wage and price rigidities, the efficiency wage model, and how these ideas lead to the possibility of unemployment equilibrium. The document also covers monetary and fiscal policy tools in the Keynesian framework to stabilize the economy when it is not producing at full employment.
The document describes three basic models of the economy:
1) The circular flow model shows how households and firms interact in the goods/services and factor markets.
2) The business cycle model looks at how the economy fluctuates over time between periods of growth, peak, recession, and recovery.
3) The production possibilities curve illustrates the tradeoffs between producing different amounts of two goods given limited resources, with points on the curve being efficient and outside being impossible.
Wages and Employment in Perfect CompetitionLumen Learning
This document discusses labor markets under perfect competition. It begins by defining marginal revenue product (MRP) as the productivity of a resource in producing a good or service times the market value of that good, and marginal factor cost (MFC) as the cost of employing a resource. It states that firms will hire resources as long as MRP exceeds MFC.
It then provides an example where the MRP of the first 5 workers exceeds their $6/hour MFC, so the firm would hire 5 workers. The document explains that under perfect competition, MRP represents the demand for labor and MFC represents the supply of labor. Determining how many resources to hire is done by comparing supply and demand. Over time
1) Trade union membership in the UK has declined significantly over the past 30 years from a peak of over 13 million in the late 1970s to around 6.5 million currently.
2) While unions aim to improve wages and conditions for workers, critics argue they distort labour markets and drive up costs for businesses. However, others note unions can also boost productivity and create higher aggregate demand through increased incomes.
3) Many unions have modernized in response to changes in the economy and now often cooperate more with employers on issues like flexibility, skills and competitiveness rather than relying on confrontation.
1. Factor markets determine the prices or wages paid to labor and other factors of production. The minimum payment a factor requires to remain in its employment is its transfer earnings, while any payment above this minimum is considered economic rent.
2. In a perfectly competitive labor market, the equilibrium wage rate is determined by the intersection of the market supply and demand curves for labor. The demand curve shows the quantity of labor demanded at each wage rate, while the supply curve shows the quantity supplied.
3. A firm's demand for labor is represented by its marginal revenue product (MRP) curve, which shows the additional revenue generated by each additional worker hired. The firm hires workers up to the point where the M
This document discusses supply, production, and factors of production in economics. It defines supply as the quantity of a good or service producers are willing to sell at a given price. Production is defined as the act of creating output that has value. The factors of production that are inputs to the production process are land, labor, capital, technology, and entrepreneurship. A production function relates the physical output of a process to the inputs or factors of production used.
This document discusses supply, the supply function, determinants of supply, and the law of supply. It defines supply as the quantity of a product offered for sale at a given price in a given time period. The supply function defines the quantity supplied (Sx) as a function of price (Px) and other determinants, including production costs, prices of related goods, technology, taxes, subsidies, and external factors. The law of supply states that as price increases, suppliers will offer a larger quantity, and as price decreases, suppliers will offer a smaller quantity.
This document covers key concepts in microeconomics including supply and demand, market structures, price controls, and normal versus inferior goods. It provides definitions and examples of demand, supply, price ceilings, price floors, buffer stocks, and different market models. Situations that cause supply to shift left and the effects of a drought on the corn market over time are also examined using supply and demand diagrams.
This document discusses the relationship between supply and demand in a free market economy. It defines supply as the amount a producer is willing to produce at different prices, and demand as an individual's need or desire for a good at a given price. Supply and demand graphs visually represent how supply and demand interact, with their intersection determining the equilibrium price and quantity. The relationship between supply and demand dictates what products are produced and at what prices, and sparks competition between businesses seeking to meet consumer needs and make a profit.
This document discusses different types of elasticity of demand:
1. Price elasticity of demand measures how quantity demanded responds to changes in price and can be perfectly elastic, perfectly inelastic, relatively elastic, relatively inelastic, or unit elastic.
2. Income elasticity of demand measures how quantity demanded responds to changes in consumer income and can be zero, negative, unit, greater than unity, or less than unity.
3. Cross elasticity of demand measures how the quantity demanded of one good responds to price changes in another good. It shows the relationship between the demands for substitute and complementary goods.
This document provides a summary of key concepts related to market demand and supply. It discusses the basic decision-making units in an economy, including firms that produce goods and households that consume them. It then covers the concepts of demand schedules and curves, the law of demand, and how shifts in demand versus movements along a demand curve. Similar concepts are presented for supply schedules and curves as well as the law of supply. The document also discusses how individual demand and supply combine to form market demand and supply and how equilibrium is reached in markets where quantity supplied equals quantity demanded.
This document provides information about shopping carts and e-commerce platforms. It discusses the benefits of using a shopping cart software, including ease of use, saving time and money, support, boosting sales, accepting multiple currencies, and additional apps. It then evaluates and reviews several popular e-commerce shopping cart platforms: Shopify, Bigcommerce, Magento, WooCommerce, and OpenCart. For each one it provides pros and cons as well as links to more detailed reviews.
The document discusses electronic commerce (e-commerce). It defines e-commerce as buying and selling products or services over electronic systems like the internet. It describes different types of e-commerce like business-to-business, business-to-consumer, consumer-to-business, and consumer-to-consumer. The document outlines the history and advantages of e-commerce. It provides guidance on developing an e-commerce solution for small businesses, including finding a market need, writing effective copy, designing a website, marketing, and providing good customer service. It also discusses why small businesses need e-commerce and opportunities it provides for new entrepreneurs.
E commerce online-advertising_email_marketingabir hossain
This document discusses planning for e-commerce, online advertising, and email marketing. It provides information on different types of e-commerce like B2B, B2C, C2C and C2B. It outlines important aspects of developing an e-commerce strategy including defining objectives, choosing a business model, developing a website, handling logistics and payments. The document also discusses the pros and cons of online advertising and defines email marketing as a direct way to reach customers via email to build loyalty and awareness.
Social media marketing social media analyticsabir hossain
1. The document discusses social media marketing and provides tips on developing a social media marketing strategy, including identifying business goals, setting marketing objectives, researching competition, choosing appropriate channels and tactics, creating a content strategy, and allocating budget and resources.
2. It also discusses best practices for social media content, noting that images are ideal and get more engagement than other content types. It recommends posting frequencies for different social media platforms.
3. The document briefly defines social media analytics as the practice of gathering and analyzing social media data to support business decisions like marketing and customer service. It provides a link to a list of free social media analytics tools.
Online advertising mobile marketing ppc_seoabir hossain
This document provides information about various digital marketing strategies, including online advertising, mobile marketing, pay-per-click (PPC) advertising, and search engine marketing (SEM). It defines each strategy and provides examples and tips. For online advertising, it discusses the pros and cons. For mobile marketing, it focuses on SMS/MMS marketing and mobile web marketing. PPC advertising is explained as paying for each ad clicked. SEM involves promoting websites to increase search engine rankings through optimization and paid placements.
To register for MailChimp, fill out the registration form and click create account, then check your email to activate your account by clicking the activation link. After logging in, you can create recipient lists by filling out the list form and saving it. Then you can send mail campaigns by selecting a list of recipients, filling out campaign details, choosing a template, and adding email content.
Ob handout social system_Organizational behavior abir hossain
The document discusses social systems and the complex interactions between people within them. Some key points:
1) A social system consists of interconnected human relationships, with small groups nested within larger groups. Any change in one part of the system can impact other parts.
2) Social systems are open and exchange inputs/outputs with their environment. They seek equilibrium but are dynamic and constantly changing.
3) Within organizations, people's roles and expectations shape interactions, but conflicts can arise from differing perceptions of roles. Clarifying roles helps reduce issues.
4) A well-functioning social system meets people's psychological and economic needs through mutual commitments between employees and employers. This leads to higher satisfaction and performance.
This document outlines the session-by-session plan for a post-graduate diploma in human resource management course on organizational behavior. Over 36 sessions, the course will cover topics like organizational models, social systems, organizational culture, motivation theories, leadership styles, team dynamics, change management, and stress management. Key concepts will be drawn from the textbook "Organization Behavior: Human Behavior at Work" and will include models like Hersey and Blanchard's situational leadership model. The course will include a mid-term exam and final class test to review the material.
The document discusses the evolution of management thought and principles of management. It covers classical management theories including scientific management by Taylor which emphasized scientific approach, planning and standardization. It also discusses Fayol's administrative management theory and Max Weber's bureaucratic model. Criticisms of scientific management are provided such as its negative impact on workers. Contributions of other theorists such as Gilbreths, Gantt and Emerson to scientific management are also summarized. The principles of management are important for effective organization and management of departments.
This document discusses various aspects of management planning including:
1) It defines planning as deciding in advance what to do, how to do it, when to do it, and who is to do it. Planning bridges the gap from where an organization is currently to where it wants to go.
2) It outlines different types of plans like strategic plans, tactical plans, operational plans, contingency plans and discusses their time spans from long-range to short-range.
3) It describes the steps involved in the planning process including being aware of opportunities, setting objectives, identifying alternatives, choosing an alternative, and formulating supporting plans.
This document provides an overview of management concepts including:
- The meaning, definition, nature, and process of management.
- The functions of management including planning, organizing, staffing, directing, coordinating, and controlling.
- The importance and objectives of management for organizations.
- The differences between administration and management.
- The three levels of management - top, middle, and lower - and their respective roles and responsibilities.
This document provides an introduction to management concepts. It outlines learning objectives related to defining management, describing management functions and principles, and differentiating between management, administration, and organization. Key points covered include defining management as a process of tactfully managing people to achieve organizational objectives through efficient use of resources, and acknowledging there is no single universally accepted definition but rather multiple perspectives on what management entails.
An organization is a social unit of people that is structured and managed to meet goals. Organizations have management structures that determine relationships between activities and members, and assign roles and responsibilities. Managers at different levels engage in different amounts of planning, organizing, leading, and controlling functions to achieve organizational goals. Managers fulfill decisional, interpersonal, and informational roles like being a leader, liaison, or monitor. Key managerial skills include technical skills, conceptual skills, interpersonal and communication skills, decision-making skills, and diagnostic and analytical skills. These skills allow managers to perform tasks, coordinate activities, communicate effectively, make good decisions, and analyze situations.
This document outlines the curriculum for a Post Graduate Diploma in Human Resource Management program. It details that the program will be evaluated out of 1200 total marks, with 1000 marks coming from examinations and 200 from other assessments like presentations and term papers. Courses will be divided into two parts, with Part I focusing on fundamentals and Part II on more specialized HR topics. Evaluation will be based on class attendance, tests, and final exams. A grading scale is provided, and syllabi with topics are listed for each course.
Line staff, responsiblity of hrm lecture_ 02 classabir hossain
The document discusses various topics related to human resource management including authority, organization of HR departments, types of organizational structures, differences between organizational structures and org charts, line and staff authority, responsibilities of line managers and HR managers, challenges for HR managers, and prospects for careers in HRM. It provides details on functions of HR managers such as staffing, human resource development, compensation and benefits, and safety and health.
This document discusses performance management and appraisal. It begins by outlining the learning objectives, which include describing the appraisal process, developing and administering performance appraisal tools, and conducting effective appraisal interviews. It then compares performance appraisal to performance management. The rest of the document outlines the purpose and benefits of performance appraisal, discusses factors like when and how often appraisals should occur, and describes different performance appraisal methods like graphic rating scales, the alternation ranking method, and paired comparison. Graphic examples of performance appraisal forms are also included.
HR policies provide a framework for employee behavior and management decisions. They aim to treat employees fairly and consistently in areas like hiring, termination, evaluations, and discipline. Developing strong HR policies involves determining objectives, gathering information, examining alternatives, getting approval, and periodic reviews. The policies should be clear, flexible, fact-based, equitable, and communicated to all employees. A comprehensive HR policy manual typically addresses topics like recruitment, benefits, payroll, workplace guidelines, and more.
1. DEMAND AND SUPPLY IN A LABOUR MARKET 2.3
1
Demand for labor
As the diagram below illustrates, it is argued that there is an inverse relationship
between the wage rate and the quantity of labor demanded. This negative
relationship between the wage and the quantity of labor demanded is the result of
two effects:
o a substitution effect, and
o a scale effect.
Suppose that the wage rate increases. The substitution effect of the wage increase
involves the substitution of other resources (such as capital, energy, materials, and
other categories of labor) for the category of
labor that has become more expensive. As the
wage rate rises, the substitution effect results
in a reduction in the quantity of labor
demanded.
The scale effect resulting from a wage increase
is a bit more complex. As the wage rate rises,
the scale effect involves the following chain of
effects:
higher wages result in higher average
and marginal costs of production,
higher average and marginal and
average costs result in an increase in
the equilibrium price of the product,
as the price of the product rises, the
equilibrium quantity of the product demanded declines (a reduction in the
"scale" of production), and
the reduction in output results in a reduction in the quantity of all inputs used
to produce this product (including this category of labor).
Thus, both the substitution and scale effects result in a reduction in the quantity of
labor demanded when the wage rate rises.
Be sure to not confuse a change in the quantity of labor demanded with a change in
the demand for labor. A change in the wage changes the quantity of labor
demanded, but does not affect labor demand. Labor demand changes only if the
labor demand curve shifts in some manner (as discussed below).
Changes in labor demand
The labor demand is affected by:
o the demand for the product, and
o the prices of other resources.
Let's examine how each of these factors affects
labor demand. The demand for labor (and any
other resource) is a derived demand. This means
that the demand for a resource is derived from
the demand for the output that the resource
produces. For example, the demand for workers
2. DEMAND AND SUPPLY IN A LABOUR MARKET 2.3
2
in automobile factories is derived from the demand for automobiles. When the
demand for the final product rises, the demand for labor increases. As the diagram
below indicates, an increase in demand for labor is represented by a rightward shift
in the labor demand curve (since the quantity of labor demanded is greater at each
wage along the curve D').
The effect of changes in the prices of other resources is not quite as straightforward.
Consider, for example, the effect of an increase in the price of capital on the demand
for labor. The substitution effect resulting from a higher price of capital raises the
demand for labor. The scale effect, on the other hand, will lower the quantity of both
labor and capital demanded. Thus, the effect of a higher price of capital on labor
demand will depend on whether the substitution effect or the scale effect is larger in
magnitude.
Another example might help to illustrate this point. Suppose that the wage rate rises
for adult workers in the fast-food industry. How will this affect the demand for
teenage workers in this industry? On the one hand, each fast-food restaurant will try
to substitute teenagers for adults in each location. Since adults and teenagers are
not perfect substitutes, firms will still need some adult workers. This results in higher
production costs and a higher equilibrium price of output. As the price of fast-food
products rises, firms cannot sell as much and will be forced to shut down some
locations and layoff workers (including both teenagers and adults). This scale effect
results in a reduction in the demand for teenage workers. When the price of adult
workers rises, the demand for teenager workers will rise if the substitution effect is
larger than the scale effect; the demand for teenage workers will fall if the scale
effect is larger than the substitution effect.
To be sure that you understand this concept, think about the effect on the demand
for adult workers if a lower minimum wage was introduced for teenage workers.
Market, industry, and firm demand for labor
When discussing labor demand, it's important to distinguish whether we are talking
about labor demand at the level of a market, an industry, or a firm. To understand
these distinctions, it is important to understand the following definitions: An industry
consists of all of the firms that produce a given type of output. An industry's demand
for labor consists of the total demand for a particular type of worker in a given
industry. For example, we could investigate the demand for carpenters in the
construction industry, or the demand for carpenters in the education industry (note
that carpenters are hired in many industries). The market for a given category of
labor consists of all of the firms that might hire a given type of labor, regardless of
the industry in which the firm operates. Thus, the market for carpenters includes the
demand for carpenters in all industries. An industry's labor demand curve is
determined by adding together the labor demand curves for all of the firms in the
industry (this involves a horizontal summation of all of the individual firms' labor
demand curves). The market demand for labor is determined by adding together all
of the industry demand for labor curves.
Long-run vs. short-run labor demand
As you may recall from prior economics classes, economists define the short run as
the period of time in which capital is fixed. In the long run, all inputs, including
capital, may be changed. The main difference between the short-run and long-run
3. DEMAND AND SUPPLY IN A LABOUR MARKET 2.3
3
demand for a given category of labor is that there are more possibilities for
substituting other factors of production in the long run. Thus, it is expected that the
quantity of labor demanded will change by a larger amount in the long run when the
wage rate rises. This is illustrated in the following diagram.
Demand for labour : a derived demand
Demand for labour is a derived demand, From macro economic view point the
demand for labour mainly depends on the level of the aggregate demand. But at the
firm level it depends on Marginal Revenue Product if others thing remain constant.
Consequently, The Firms demand for labour or any other input is derived indirectly
from the consumer demand for its product.
Market labor supply
The market labor supply curve is expected to be upward sloping because an increase
in the wage in a particular labor market will: (a) cause some workers in this market
to work additional hours, (b) induce some workers to shift from other labor markets
to this relatively more remunerative alternative employment, and (3) will cause
some individuals who are not currently in the
labor force to enter this market.
A possible labor supply curve is illustrated here.
Changes in the wage in this market result in
changes in the quantity of labor supplied, but do
not affect labor supply. Labor supply changes
only if some other factor changes and the labor
supply curve shifts. The diagram below
illustrates an increase in labor supply from S to
S'.
4. DEMAND AND SUPPLY IN A LABOUR MARKET 2.3
4
Market labor supply will increase when the wage rate
in other labor markets falls and will decrease when the
wage rate rises in other labor markets. Changes in
worker tastes and preferences will also affect market
labor supply.
Substitution and income effects of a wage change
A change in the wage results in two effects on an individual's labor supply:
a substitution effect, and
an income effect.
As the wage rate rises, the opportunity cost of leisure time rises. In response to this
higher wage, individuals consume less leisure time and spend more time at work.
This is the substitution effect resulting from a higher wage.
An increase in the wage, however, also raises an individual's real income. This leads
to an increase in the consumption of all normal goods. Since leisure is expected to be
a normal good for most individuals, a higher wage will generally induce individuals to
consume more leisure time (and reduce hours of work). Individuals who receive a
higher wage can afford to take more time off from work. This is the income effect
resulting from a wage increase.
If we assume that leisure is a normal good, an increase in the wage will cause the
quantity of labor supplied to:
increase if the substitution effect is
larger than the income effect, and
decrease if the income effect is
larger than the substitution effect.
This may result in a backward-bending labor
supply curve.
In the diagram, it is suggested that, at
relatively low wages, individuals respond to
an increase in the wage by working
additional hours (since the substitution
effect exceeds the income effect).
5. DEMAND AND SUPPLY IN A LABOUR MARKET 2.3
5
Eventually, though, when the wage becomes sufficiently high, individuals will begin
to work less in response to a higher wage rate. (In practice, it appears that most
labor supply curves are either upward sloping or vertical.)
Labor supply to individual firms
In a perfectly competitive labor market, the
labor supply curve facing each firm is
horizontal. Recall that there are so many
buyers and sellers in a perfectly competitive
market that each buyer and seller is a "price
taker." In this case, each firm may hire as
many or as few workers as it wishes at the
prevailing market wage rate. This possibility
is illustrated in the diagram below.
Labor market equilibrium
An equilibrium occurs in a labor market at the combination of wages and
employment at which market demand and supply intersect (as illustrated in the
diagram below). In this example, the equilibrium wage is w* and the equilibrium
level of employment is L*.
If the wage rate is above the equilibrium, the quantity of labor supplied exceeds the
quantity demanded and a surplus occurs. In this case, the existence of unemployed
workers will be expected to result in downward pressure on the wage rate until an
equilibrium is restored.
6. DEMAND AND SUPPLY IN A LABOUR MARKET 2.3
6
If the wage rate is below the equilibrium, a labor shortage will occur. Competition
among firms for workers is expected to result in increases in the wage until an
equilibrium occurs.
Shifts in equilibrium
Shifts in demand and supply curves have been covered extensively in chapter-2, so
there's no need to discuss these concepts in great detail here (if you are not
comfortable with this, you may wish to review this material). Let's just note that:
o an increase in labor demand results in an increase in both the
equilibrium wage and the equilibrium level of employment,
o a reduction in labor demand results in a decrease in both the
equilibrium wage and the equilibrium level of employment,
o an increase in labor supply results in a lower equilibrium wage, but a
higher equilibrium level of employment, and
o a reduction in labor supply results in a higher equilibrium wage, but a
lower equilibrium level of employment.
(You may wish to draw these possibilities on a piece of paper to be sure that
you understand these concepts)
Labor demand: macroeconomic perspective
If we consider the labor market as a whole (national labor market), than the level of
total output (GDP) can be considered as the determinant of Aggregate demand for
labor That means, macroeconomic growth or increase of aggregate demand for
goods and service derives an increase in demand for labor. Under above
consideration, the concept of employment (opportunity) & concept of demand for
labor come closer.