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-leisure
If there are increase in wage rates and
they feel that the returns they get from
doing nonmarket activities are lower, they
will tend to switch over some hours to
market activity.
When the household’s wage rate is higher, more
income will be available to the household for
spending. When the household decides to spend its
money on leisure or other nonmarket activity , it
reduces the time available for pursuing a market
activity. This will result to the reduction of the
quantity of labor supplied in the market.
Is the total number of man hours or man
days hired by all firms in an economy. The
demand for labor depend on the real wage
rate.
Refers to purchasing power of a given
nominal or money wage. The nominal
wage rate is the amount in pesos paid to
a worker for a unit of work.
Unemployment and under
employment
Inadequate wages
Economic insecurities
Unlike unemployment, where a person is
Unlike unemployment, where a person is actively seeking a job and
actively seeking
cannot find work, a job
underemployment describesand cannot
a situation where a find
person is working, regardless of the number of hours or the skill level.
work, underemployment
However, unemployment describes
and underemployment are closing related, a
as the latter often occurs on account of the former.
situation where a person is working,
regardless of the number of hours or the
skill level. However, unemployment and
underemployment are closing related, as
the latter often occurs on account of the
former.
Low wages produce effects which are harmful
and undesirable, not only for the workers
themselves, but also for employers and
society. In fact, most of the bad effects of
unemployment make themselves felt through
curtailment of income; inadequate wages are
often the result of part-time and irregular
employment.
Economic Insecurity And Its Impact On Well
Being. Economic Security can be defined as “the
degree of confidence that a person can have in
maintaining a decent quality of life, now and in
the future, given their economic and financial
circumstances.”Feb 16, 2018