This is a class question that needs to be answer with at least 150 words. I would like it explain in your own words, but if not please cite-in-text with reference. No Plagiarism
In the goods market consumers are the buyers and the businesses are the sellers but in the labor market consumers sell the labor and businesses buy the labor. Because of this switch the characteristics and properties of the supply of labor and demand for labor are different from the goods market. Just like the products market there are different types of labor, for example, teachers, brick layers, programmers are different labor markets. The price of labor, the wage rate is determined by the supply and demand of labor. Just like in the goods market the demand curve is downward sloped and the supply curve is upward sloped. More hours a person work higher the income they receive but the total time available per day is divided between leisure and work. There are effects of hours worked on the wage rate, income taxes and other factors. Do higher taxes make people to work more or less? What are the factors/determinants of supply of labor?
-Any thoughts or comments?