CaitlinAnn9352 CaitlinAnn9352

10-06-2021
Business

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Why is the demand for labor called a derived demand? 2) In the labor market, what are the firm's demand curve for labor and the workers' supply curve of labor?

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jepessoa jepessoa

11-06-2021

Answer:

The demand for labor is a derived demand because it depends directly on the demand for the products or services that labor is required for. For example, the demand for labor of car manufacturers depends on the demand for cars.

The demand for labor represents the quantity of labor required by businesses, while the supply of labor represents the number of people willing to work.

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