A Change in Alternative Opportunities Essay

Published: 2020-02-21 23:11:24
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Category: Labor

Type of paper: Essay

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A Change in Alternative Opportunities is a factor affecting labor supply. Labor supply in one labor market is affected by changes in available opportunities or the offered incentives of other labor markets. An increase in the relative wages in the carpentry labor market will give workers of other labor markets the reason to switch occupations and do carpentry instead.

Immigration refers to the movement of people from one region to another or from one country to another, making it an important source of labor supply shifts. The desirability of the United States for immigration increases its labor supply and decreases labor supply in the immigrants native countries as Mexico and the Philippines, thereby affecting labor market equilibrium in those countries.

Output Price Changes affect labor demand by changing the marginal product value of each worker. This is because the marginal product value is mathematically equivalent to the marginal product multiplied by the output price. An increase in the price of a product, therefore, increases the marginal product value of the workers of a firm producing that product, thereby increasing labor demand for such workers.

The Supply of other Production Factors affect labor demand due to its propensity to increase/decrease the marginal product. A reduced availability of motorcycles will likewise dampen the demand for post office personnel, because of the motorcycles indispensability to the occupation.

The recent decade saw an increased labor demand for the nursing profession. Rising healthcare needs, improvements in life expectancy from advancements in medicine, and legislation all played a part in producing such a demand. A nurse friend of mine is living witness to the opportunities the nursing profession offers. Beyond being paid competitive wages, she was allowed to take part-time work in other hospitals even after a fulltime shift, with effectiveness in duty performance being the only requirement.

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