The Demand Function Curve for Workers

question 35

Multiple Choice

The demand function curve for workers

• A)is dependent on the demand for the product that they make.
• B)is stable as there is no substitute for human labor.
• C)shifts to the right when the population decreases.
• D)shifts to the right when technology allows a firm to replace human labor with machines.

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Definitions:

Modern Economies

Economic systems that are characterized by dynamic industrial, technological, and service sectors, often with complex financial and regulatory frameworks.

Specialization

Specialization refers to the process of focusing effort and resources on the production of a particular product or a limited scope of products, leading to increased efficiency.

Specialization and Trade

The economic strategy where individuals or nations focus on producing specific goods or services and exchange them, increasing efficiency and wealth.

Jack-of-all-trades

An individual skilled in many different areas, capable of performing competently in a variety of tasks or professions.