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Labor Market and Demand For Human Resources
Labor Market and Demand For Human Resources
1.
c. equilibrium at the labor market
2.
a. labor demand
3.
9. Choose the characteristics of labor demand curve:
a. a wage/employment diagram;
b. upward sloping;
c. negatively sloping;
d. indicates how much work firms demand at different wage rates;
e. how much work is being supplied at different wage rates;
f. meaning that people want to work more if the pay gets better;
g. meaning that firms want to cut down on employment if work becomes more
expensive.
11.The point at which the demand for labor is met by the supply of labor is the
definition of:
a. labor market;
b. labor demand curve;
c. labor supply curve;
d. equilibrium.
12.The equilibrium at the labor market means:
each individual that wants to work has a job. Shifts in equilibrium create either a
labor surplus or labor shortage
13.Why is it important for the HR manager to know the situation at the labor market?
It is very important for HR manager to know the situation in the labor market for
several reasons:
It will let him know whether the company/organization is ready to take a
new employee or hire
It lets him know whether the financial state of the organization can bear the
number of employees they have in the department