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This concept also helps in the determination of wages, such as if the demand for labor is inelastic the union can demand higher wages and conversely if the labor demand is elastic the demand for higher wages could not be raised. Thus, the concept of elasticity of demand is very important ...
3. A demand is frequently necessary to secure to a man all his rights, both in actions arising on contracts and those which are founded on some tort. It is requisite also, when it is intended to bring the party into contempt for not performing an order which has been made a rule of ...
Definition:Physical Demand Contract Type Jurisdiction Country Include Keywords Exclude Keywords Additional filters are available in search Open Search Use ofPhysical Demandin a Clause See AllPhysical Demandclauses Physical Demand. Sitting: standing; walking over uneven ground; lifting, pushing, pulling and...
The demand for labor is said to be a "derived" demand. What is the meaning of a derived demand? How does this concept help to determine the demand for labor? Economists call the demand for a resource a derived factor demand. Explain what the term derived means in derived factor demand....
The above definition of demand is from consumers' point of view. Producers also buy commodities. For them, demand is the quantity of a resource such as labor or raw material that producers are able and willing to purchase during a specified period of time provided that other things remain ...
however. When you demand something, you want action now. A demand can also mean "to require" like cold weather that demands warm coats and boots.Demandis also an economic term, meaning "the amount of an item that can be sold," like the demand for those snow boots: high in winter and...
Other Considerations in Demand for Labor According to thelaw of diminishing marginal returns, by definition, in most sectors, eventually the MPL will decrease. Based on this law: as units of one input are added (with all other inputs held constant) a point will be reached where the resulting...
Analysts can estimate the demand for a good at any point along the demand schedule. Demand schedules, used in conjunction with supply schedules, provide a visual depiction of the supply and demand dynamics of a market. Demand schedules are used to forecast the raw materials and labor needed dur...
Examples of derived demand for labor can be seen everywhere. The amazing demand for gourmet brewed coffee leads to an equally-amazing demand for gourmet coffee brewers and servers called baristas. Conversely, as the U.S. demand for coal used to generate electricity has declined, the demand for ...