The Demand for Labor Is Described as a Derived Demand

question 25

Multiple Choice

The demand for labor is described as a derived demand because

• A)it is derived by workers seeking to earn income to fund the consumption of goods and services.
• B)it is derived by producers seeking to make profits by starting new businesses.
• C)it is derived from the demand for products that use labor in the production process.
• D)it is derived from government institutions which rely on labor markets for the purpose of raising tax revenue.

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Definitions:

Extensive Training

Comprehensive and in-depth education or instruction provided to employees to enhance their skills, knowledge, and performance in their current or future job roles.

Precise Job Descriptions

Clearly defined and detailed descriptions of a job's responsibilities, duties, and the necessary qualifications.

Organizational Structure

The framework comprising various duties, processes, reporting hierarchies, and methods of communication that connect different segments of an entity.

Organizational Chart

A visual representation of the structure of an organization, showing the hierarchy of positions, relationships between them, and divisions of responsibility.