Labor Economics is the study of labor force as a factor of production. The labor force in the broad sense of the term refers to all those who work for a definite gain that includes employees, employers, self-employed and also includes the unemployed seeking of jobs. The labor economics involves the study of the factors influencing the efficiency of labor, their deployment, determination of their wages, etc. Geographical factors, mobility of labor, climatic and environmental conditions are a few of such important factor that affects the efficiency of labor and determination of the wages. The revolutions in information technology coupled with globalization has given rise to a new concept of usiness Process Outsourcing which facilitated electronic mobility of the labor without actual movement of the laborer reducing the influence of the geographical factors in labor economics.
The development of internet technology wiped out the distance between employer and employee, the geographical…...

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Bibliography

Gaining Competitive Advantage" Online BPO Retrieved at   Accessed on 15 May, 2004http://www.onlinebpo.com/ .

Ask Ella: Is Outsourcing Good? What Jobs Will Remain In U.S. " May 3, 2004 Retrieved at Accessed on 15 May, 2004http://www.thewbalchannel.com/employmentadvice/3262588/detail.html.

Business Process Outsourcing: Facts and Fictions" Information Technology Update, December 2002 Retrieved at   Accessed on 15 May, 2004http://www.mallesons.com/publications/information_technology/6204415w.htm .

Business Process Outsourcing" Retrieved from www.directories today.com/i_business.htm   Accessed on 15 May, 2004http://www.directoriestoday.com/i_business.htm .

That is, if the foreclosure is the only black mark on a person's credit rating, that credit card holder may be able to "rehabilitate their record and garner better loans and card rates in 24 months," Ulzheimer goes on, attempting to clear the air in a very cloudy, confusing and even toxic credit card dynamic.
The third consequence of foreclosure, according to Melia's narrative, is the struggle waiting for those wishing to buy another home. Fannie Mae, for example, relates the bleak realities for those who have foreclosed their homes and who hope to purchase another one. For those borrowers who "have made reckless debt decisions," they can't get a new mortgage for a new home until 5 years has passed. It was 4 years previously but in this time of economic recession, money is tight so if the investigation into a person's credit shows Fannie Mae that "reckless" financing…...

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Works Cited

ABC News. "Tax Cut Deal: President Obama Announces Agreement on Bush Cuts." Retrieved

Dec. 6, 2010, from  http://abcnews.go.com .

Bureau of Labor Statistics. "The Employment Situation -- November 2010." U.S. Department of Labor. Retrieved Dec. 6, 2010, from   (2010).http://www.bls.gov .

Fitzpatrick, Dylan J., toner Erin a., and Sommers, Paul M. "The skinny on obesity rates and the U.S. economy." Atlantic Economic Journal. 38.1 (2010): 119-121.

Source: McDonnel, B.M., Chapter 5, p. 130

Short-un Demand for Labor: The Perfectly Competitive Seller

Under the conditions imposed by the perfect seller, meaning that the market is characterized by perfect competition, the marginal revenue product equals the value of the marginal product. This then means that the labor supplies decreases. The situation is best revealed by the chart below, which presents how the VMP and MP curves, with their decreasing marginal productivity, generate a reduced demand for labor:

Source: McDonnel, B.M., Chapter 5, p. 136

Short-un Demand for Labor: The Imperfectly Competitive Seller

This situation is the most common one in the actual market place and it basically means that each economic entity has the right to establish its retail price based on organizational determinants, unlike the case of the perfect competition, where the price is set by the market.

The demand for labor in this situation is directly linked to intense competition in the…...

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Reference:

McDonnel, B.M., 2008, Contemporary Labor Economics, 8th Edition, the McGraw Hill Companies

It would have repeated the 1986 bill, though on a grand scale -- ten million illegals granted amnesty -- another magnet for yet another increase in the rate of illegal immigration into this country? The purpose of the bill, as with IRCA was to eliminate immigration, but, as with IRCA, no wording or regulations contained in the bill would have accomplished this goal (Rector). There is little reason to believe, based on its contents, that'd. 2611 would have had any different consequences other than to increase federal welfare roles by magnitudes and, due to the enormous scope of the bill, increase poverty in this country (Rector).

Effects Different For Men and Women?

Would the amnesty provision for undocumented foreign workers in the U.S. Immigration Reform and Control Act (IRCA) of 1986 affect outcomes in the labor market for those workers, and if so, were the affects different for men and women. Classical…...

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Bibliography

Amuedo-Dorantes, Catalina, Cynthia Bansak and Steven Raphael. "Gender Differences in the Labor Market: Impact of IRCA's Amnesty Provisions." American Economic Review (2007): 412-416.

Davidson, Adam. "Q&A: Illegal Immigrants and the U.S. Economy." 30 March 2006. npr.org. 23 Nov 2009 .

Fairus.org. "U.S. Legislative Immigration Update." 20 April 2009. Rightsidenews.com. 24 November 2009 .

Orrenius, Pia and Madeline Zavoday. "What are the Consequences of an Amnesty for Undocumented Immigrants." May 2004. Federal Reserve Bank of Atlanta. 23 Nov 2009 .

In case of a competitive market model, the implementation of the minimum wage for all workers would result in a decreased demand for labor force. Therefore, the reduced employment would generate increased unemployment. If the demand and supplies are extremely elastic and sensitive to the legislation modifications, the increase in unemployment would be tremendous.

In the situation of a monopsony, the monopsonist will tend to correlate his employed staff with the established minimum wage rate. As such, if the government sets a minimum wage higher that his implemented salary, he will also tend to increase the number of employed personnel members. This behavior can be explained by the fact that the monopsonist sees himself in a competitive market.

Occupational Health and Safety egulation

The Occupational Safety and Health Act of 1970 is the most important document regulating the internal conditions at the workplace. The importance of this act is given by the fact…...

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Reference:

McDonnel, B.M., 2008, Contemporary Labor Economics, 8th Edition, the McGraw Hill Companies

The labor productivity rates are expected to maintain their ascendant trend throughout the next period.
The increases in productivity can be explained through the combined actions of three forces:

improved quality of the labor and superior performances of the human resource increased quantities of organizational capitals higher efficiency of the labor process, including such forces as technological developments, socio-cultural changes, the creation of scale economies or the reallocation of labor

Cyclic Changes in Productivity

However it has been established the generalized growth tendency on the long run, the study of short terms presents the reader with evidence of cyclic behaviors in labor productivity. To better understand - the labor productivity decreases during times of economic difficulties and increases in periods of boom or economic recovery. There are various reasons why the cyclic trend is revealed in the short run; the most important three such reasons are the modifications in using labor, modifications in…...

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Reference:

McDonnel, B.M., 2008, Contemporary Labor Economics, 8th Edition, the McGraw Hill Companies

However, other factors must also be considered. They refer to age, family, education, distance and unemployment.
The age factor points out that younger people are more likely to migrate than older workers. This can be explained by the fact that the elderly have fewer years in which to benefit from the migration investment and that they often possess skills valuable for their current employer. The familial forces reveal that the risks associated with moving increase with the size of family; otherwise put, a family of two is more likely to move than a family of five. The educational features highlights that the higher educated the subject is, the more chances are he or she will migrate. The distance force points out that while the distance is short, the worker will vote in favor of migration; on the other hand, if the distance is longer, he will manifest reticence to moving.…...

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Reference:

McDonnel, B.M., 2008, Contemporary Labor Economics, 8th Edition, the McGraw Hill Companies

This being the key player in the economy of the country, it is crucial to revive it as the priority towards reduction of unemployment in the economy. Structural reforms within the export sector involve the introduction of multinationals to supplement efforts of inward investment or revolution. The rate of impact differs in attempts to alleviate unemployment incidences (OECD 2011, pg 91-131). This is because multinationals proves to deliver an increase in the levels of output while inward organizations and entities still struggle to emerge from the effects of the economic recession. In order to reduce the levels of unemployment in the republic of Ireland, it is critical to adopt the three-pillar strategy to address the persistent problem in relation to the Irish labour market. Within the three pillars, the first motive should be welfare reforms. This should ensure that workers obtain better payment for their skills and services within…...

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References

Perry, LJ 2008, 'A Comparison of Labour Market Reforms in Ireland, New Zealand and Australia', Journal of Economic and Social Policy, 12, 2, pp. 1-27, EconLit with Full Text,

EBSCOhost, viewed 2 July 2012.

'Structural reforms to reduce unemployment and restore competitiveness' 2011, OECD

Economic Surveys: Ireland, 2011, 15, pp. 91-131, Business Source Complete,

Labor Economics
Labor is a commodity that needs to be purchased for business activity. In the uncivilized world of the past labor could be exploited to the extreme, but in modern times trade union movement, increased public consciousness, health, safety and environmental regulations and labor regulations have meant that the near slavery condition of the past are totally unacceptable.

Nevertheless, labor remains a commodity requiring efficient, humane and cost effective management to increase profitability and balance human rights and investors' interests. This effort has resulted in labor economics developing as a branch of microeconomics. This paper reviews labor economics and its importance in the modern day economic and business activities.

Outline

Abstract

Introduction

Important Components of Labor Economics

Labor Supply and Demand

Quality of Labor (Investments in Human Capital)

Wages

Non-Wage Labor Costs

Wage Differentials

Workers Mobility

Pay & Productivity

8. Economics of Discrimination

9. Social Accountability

10. Trade Unions

Conclusions

ibliography

Introduction

Describing labor as a commodity [1] may seem as an obscene idea to some humanitarian idealist but…...

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Bibliography

1. What is Labor Economics-Economics 150 Course Outline, Retrieved from Internet on 12 Oct 2005,  http://www.ssc.wisc.edu/~dackerma/labsyllabus.pdf#search= 'What%20is%20Labor%20EconomicsEconomics%20150%20Course%20Outline'

2. Engels, F., Introduction to Karl Marx's Wage Labor and Capitol, Retrieved from Internet on 12 October 2005,  http://www.marxists.org/archive/marx/works/1847/wage-labour/Ch04.htm 

3. Labor Economics, Retrieved from Internet on 12 Oct 2005,  http://www.oswego.edu/~economic/eco350/chap2.htm 

4. From Encyclopedia Wikipedia, Retrieved from Internet on 12 Oct 2005,  http://en.wikipedia.org/wiki/Labor_%28economics%29

he intersection determines the amount of investment in education / productivity factors by all individuals and institutions.
he major criticisms to the Neoclassical model come from the assumption competition holds, namely that individuals act to maximize profit in all scenarios; factor mobility is unlimited; marginal returns to labor don't increase with wage rates, and other simplifications which rarely hold true in the workforce. Nor are all workers the same to the firm (discrimination), and workers' productivity and labor supply decisions change at different wage levels. hen we have to consider frictional unemployment; information asymmetry; product substitution; any number of real constraints that complicate the pure "Marginal Demand for Labor" theory (Kaufman & Hotchkiss, 2000, p. 31).

he main counter to the Neoclassicals arose in the early-mid-20th century Institutional school after Veblen, Commons and Mitchell, ironically at the University of Wisconsin 1920-30. Institutionalist focus on real evidence counters the Neoclassical theory where…...

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The main counter to the Neoclassicals arose in the early-mid-20th century Institutional school after Veblen, Commons and Mitchell, ironically at the University of Wisconsin 1920-30. Institutionalist focus on real evidence counters the Neoclassical theory where institution effects went ignored (New School n.d.). The more sociological approach recognizes 'market failures' of discrimination, collective bargaining and incorporation. Evidence surrounds us today in the form of monopolistic energy provision, embedded in every price on every shelf including wages, for example. One criticism on an Institutional line would be the persistence of poverty. If poverty is unwanted, either we allow poverty to persist, it is necessary for Neoclassical models to hold, or the model is flawed. The Institutional thread leads eventually via the London School to the modern "Post-Keynesian," "Behavioral," "Environmental," and other heterodox schools.

Comparing share of population to share of workforce for groups with a particular characteristic reveals discrimination if a group is underrepresented in a firm or industry. or, we identify where a category is overrepresented in the total labor market relative to other workers. If productivity is the same between groups, lower wages must be explained somehow. The heterodox perspective recognizes potential effects within the market, and before workers apply for a job. Some workers are less competitive than others before they apply, education being a common reason, which depends on access outside the workplace. Market discrimination enters the realm of individual aversion to classes of workers by the employer or other workers, usually over ethnicity, religion or gender, but any reason can provide empirical evidence if wage differentials persist.

Prejudice is real, and it results in lower wages for minorities (Kaufman & Hotchkiss 2000, p. 469). In the aggregate, equally

Economic Systems:
An economic system is basically described as specific set of principles that addresses the production, distribution, and consumption of products and services. The involved parties in the production, distribution, and consumptions processes are usually determined by or dependent on the economic system. Throughout the history of humanity, different types of economic systems have evolved because different societies have placed varying emphasis on distinctive goals and priorities as part of their efforts to obtain answers to certain economic questions. In addition, the difference in economic systems is fueled by the tendency by different societies to develop very broad economic approaches to manage their resources. One of the main reasons for the development of different economic systems is to address the challenge of scarcity. The challenge of scarcity is an essential problem that confronts individuals and nations. hile there are four major types of economic systems recognized by economists, there are…...

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Works Cited:

"Economic Systems." Hilliard Bradley High School. Hilliard Bradley High School, n.d. Web. 18 Mar. 2013. .

"Factors of Production." Enotes.com - Study Smarter. Enotes.com, Inc., n.d. Web. 18 Mar. 2013. .

"Types of Economic Systems." Economic Systems. Shmoop University, Inc., n.d. Web. 18 Mar. 2013. .

Economics
Total revenue represents all the company income. Total revenue is calculated by multiplying the price of products with the quantity sold. Typically, total revenue is calculated as follows:

Total revenue = price x quantity

Where price (P) and quantity (Q).

Total revenue=PxQ

As being revealed in Table 1, total revenue is calculated by multiplying price with quantity, when firm produces 2 quantities of goods, firm's total revenue is $10, however, when a firm produces 3 quantities of goods, its total revenue is $15.

Marginal revenue is an additional revenue that a firm generates when a firm sells additional unit of output. The marginal revenue plays an important role in the perfectly competitive firm where a perfectly competitive firm maximizes its profit when marginal revenue is equal to marginal cost. The formula used to calculate marginal revenue is:

Marginal revenue= Change in total revenue/Change quantity.

The average revenue is calculated by dividing the total revenue by the quantity…...

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References

Aderton, (1977).Economics. Pearson Education

Sloman, A and Sutcliffe, M (2004). Economics for Business. Prentice Hall.

Economic Final Report
Types of economic systems

Economic systems vary from one nation to another. Traditional economic systems refer to an economic system founded by tradition. The services and goods that people provide through the work they do, how people exchange and use the resources are trends that follow permanent patterns. These are not dynamic economic systems because there are minimal changes. In this economic system, people live on static standards. They do not enjoy much occupational mobility and financial mobility (Gregory and Robert 19). However, it is possible to predict economic relationships and behaviors. People are aware of what they are expected to do, why they trade, they know what others should give to them. In traditional economic systems, the interests of the community are of great priority than individual interests. People collaborate at work and labor proceeds are shared equally. However, in some traditional economic systems, individuals respect some personal…...

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Work Cited

Conklin, David W.; Comparative Economic Systems: Objectives, Decision Modes, and the Process of Choice. Cambridge [England: Cambridge University Press, 2009. Print.

Gregory, Paul R, and Robert C. Stuartl; Comparative Economic Systems. Boston: Houghton

Mifflin Co, 2010. Print.

Keese, Mark, Pete Richardson, and Ge-rard Salou. The Measurement of Output and Factors of Production for the Business Sector in OECD Countries: (the OECD Business Sector Database). Paris: OECD, 2011. Print.

Labor, GDP and Firm
Labor is an important factor of production for all firms. The most recent unemployment rate is estimated at 9% (January 2011). Economists have identified three types of unemployment. Which type would affect your firm? Explain.

The three types of unemployment include: structural, changes in technology and shifts in tastes. Structural is when there is a lack of demand for workers with particular skill sets. Changes in technology, takes place when innovations and scientific breakthroughs are leading to a shift in the way businesses are operating. This is the point when there is a decrease in the total number of employees working for a particular firm. Shifts in taste are occurring when consumers want to purchase a particular product or service based on the underlying amounts of popularity. During times when there is a change in tastes, is the point that sales will decrease and those employees who are…...

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Bibliography

US Consumer Confidence Plunges to Recessionary Levels. Telegraph. Retrieved from:  http://www.telegraph.co.uk/finance/economics/8848977/U.S.-consumer-confidence-plunges-to-recession-levels.html 

US Unemployment Rate Forecast. (2011). Forecasts. org. Retrieved from:  http://www.forecasts.org/unemploy.htm 

Moffat, M. (2011). What are the Three Types of Unemployment. About. Retrieved from:  http://economics.about.com/od/typesofunemployment/p/three_types_of_unemployment.htm

00). This is below the EU, where they have a rating of 42 or a PPP of $32,500.00. (Czech epublic 2010) 1 When you compare the two numbers, the purchasing power is lower in the Czech epublic in comparison with the EU. This means, that labor costs are much lower in relation to the rest of Europe. When you put this together with the increases in the GDP over the last two quarters and the fact that the banking sector, was undamaged from the financial crisis; means the Czech epublic has outstanding opportunities for addressing the needs of the company. As the country's costs, the business friendly atmosphere and prudent practices of government policies are creating the ideal environment for a European call center to flourish.
isks

Despite the obvious advantages, there are risks of relocating to the Czech epublic the most notable would include: the underlying cost structure. While labor costs…...

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Reference List

1. Czech Republic, 2010, CIA World Factbooks. Available from