ECONOMICS
TECHNOLOGY
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Employers will not pay more than a worker is worth.
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People who want jobs will find them.
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Employers will hire the cheapest people.
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Supply and demand control wages.
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Detailed explanation-1: -The law of supply and demand combines two fundamental economic principles describing how changes in the price of a resource, commodity, or product affect its supply and demand. As the price increases, supply rises while demand declines. Conversely, as the price drops supply constricts while demand grows.
Detailed explanation-2: -According to most economics textbooks, our wages are determined just like any other price: by supply and demand. People supply their labor, and companies demand it, creating a market for labor. In broad strokes, the standard theory is pretty straightforward.
Detailed explanation-3: -The scarcity principle is an economic theory that explains the price relationship between dynamic supply and demand. According to the scarcity principle, the price of a good, which has low supply and high demand, rises to meet the expected demand.
Detailed explanation-4: -At the most basic level, economics attempts to explain how and why we make the purchasing choices we do. Four key economic concepts-scarcity, supply and demand, costs and benefits, and incentives-can help explain many decisions that humans make.
Detailed explanation-5: -The essence of economics can be reduced to three basic principles: scarcity, efficiency, and sovereignty. These principles were not created by economists. They are basic principles of human behavior. These principles exist regardless of whether individuals live in market economies or planned economies.