Economics, Econometrics and Finance
3 years ago

New study reveals how wages are determined in competitive labor markets.

ResearchJet Journal of Analysis and Inventions
FORMATION OF WAGES IN THE LABOR MARKET
Tairova Ma’suma Muhammedrisaevna, Davlatov Sukhrob Saidovich

Paper Summary

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The article discusses how wages are determined in the labor market through the interaction of supply and demand. Factors influencing supply and demand are analyzed, and the concept of wages in the labor market is explained. Different markets generate wages differently, and workers' pay rates vary based on qualifications and willingness to improve through training. Employers can adjust wages by considering the labor market, while workers can see that their pay is linked to their skills and development efforts.