Later On

A blog written for those whose interests more or less match mine.

Labor shortage? or wage shortage?

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It’s as simple as black and white — and reflects the law of supply and demand (basic economics): as demand increases and supply remains the same, the price increases. If the demand for labor increases beyond the supply, the price goes up. Businesses certainly understand that if the demand for their widgets increases, they can change more. That principle also applies to the labor required to make the widgets. Don’t businesses understand this basic principle?

Written by Leisureguy

23 May 2021 at 8:25 am

Posted in Business, Daily life, Math

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