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Self study13
Task 1. Make up sentences with the following words.
bilateral monopoly= bilateral monopoly exists when a market has only one supplier and one buyer
collective bargaining= my partner is sociable at collective bargaining
discrimination= Discrimination means distinguishing between two or more people or things
labor markets= The labor market, also known as the job market, refers to the supply of and demand for labor.
perfectly competitive labor market= A perfectly competitive labour market is a market in which there are a lot of buyers and sellers and neither can influence the market wage.
access to education= In my country all people free access to education
marginal
productivity= Productivity, in economics, measures output per unit of input, such as labor, capital, or any other resource.
means of production= he means of production include land, labor and capital.
quantity of resources= My firm's quantity of resources is too high
Task 2. Translate the given sentences into your native language.
1.The labor market is the term that economists use for all the different markets for labor .
2. When economists talk about the labor market, they are describing these similarities , income comes from ownership of the means of production: resources or assets.
3. One’s income is a function of two things: the quantity of each resource one owns, and the value society places on those resources.
4. A firm demands labor because of the value of the labor’s marginal productivity .
5. Profit maximizing firms employ labor up to the point where the market wage is equal to the firm’ s demand for labor .
1.Mehnat bozori - bu iqtisodchilar mehnatning barcha turli bozorlari uchun ishlatadigan atama.
2. Iqtisodchilar mehnat bozori haqida gapirganda, ular ushbu o'xshashliklarni tavsiflaydilar, daromad ishlab chiqarish vositalariga egalik qilishdan kelib chiqadi: resurslar yoki aktivlar.
3. Insonning daromadi ikki narsaning funktsiyasidir: har bir kishi egalik qiladigan resurs miqdori va jamiyatning ushbu resurslarga beradigan qiymati.
4. Firma mehnatning marjinal unumdorligi qiymati tufayli mehnat talab qiladi.
5. Maksimal foyda keltiradigan firmalar bozor ish haqi firmaning ishchi kuchiga bo'lgan talabiga teng bo'ladigan darajada ishchi kuchidan foydalanadilar.
Task 3 . Write the summary to the given text
The labor market
The labor market is the term that economists use for all the different markets for labor . There is no single labor market. Rather, there is a different market for every different type of labor . Labor differs by type of work (e.g. retail sales vs. scientist), skill level (entry level or more experienced), and location (the market for administrative assistants is probably more local or regional than the market for university presidents). While each labor market is different, they all tend to operate in similar ways. For example, when wages go up in one labor market, they tend to go up in others too. When economists talk about the labor market, they are describing these similarities , income comes from ownership of the means of production: resources or assets. More precisely , one’s income is a function of two things: the quantity of each resource one owns, and the value society places on those resources. The labor market, like all markets, has a demand and a supply . Why do firms demand labor? Why is an employer willing to pay you for your labor? It’ s not because the employer likes you or is socially conscious. Rather, it’ s because your labor is worth something to the employer--your work brings in revenues to the firm. How much is an employer willing to pay? That depends on the skills and experience you bring to the firm. If a firm wants to maximize profits, it will never pay more (in terms of wages and benefits) for a worker than the value of his or her marginal productivity to the firm. W e call this the first rule of labor markets. Suppose a worker can produce two widgets per hour and the firm can sell each widget for $4 each. Then the worker is generating $8 per hour in revenues to the firm, and a profit-maximizing employer will pay the worker up to, but no more than, $8 per hour, because that is what the worker is worth to the firm.
A firm demands labor because of the value of the labor ’ s marginal productivity . For a firm operating in a perfectly competitive output market, this will be the value of the marginal product, which we define as the marginal product of labor multiplied by the firm’ s output price. For a firm which is not perfectly competitive, the appropriate concept is the marginal revenue product, which we define as the marginal product of labor multiplied by the firm’ s marginal revenue. Profit maximizing firms employ labor up to the point where the market wage is equal to the firm’ s demand for labor . In a competitive labor market, we determine market wage through the interaction between the market supply and market demand for labor
Conclusion
Economic activity is stimulated by production that uses natural resources, labor and capital. Over time, it is technology, innovation (new products, services, processes, expansion of markets, diversification of markets, increasing the level of income functions), such as intellectual property, and changes in production relations. most notably, child labor has been replaced by universal access to education in some parts of the world.
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