SUPPLY AND DEMAND

Supply and Demand

Supply and demand

Introduction

The economic principle of supply and demand takes place in the employment of people. The market price for the salaries of people is based on how many people want that job and how skillful those people are. Employers want to pay their employees the lowest price that they can. On the other hand, employees want to sell their labor for the highest price that they can get. As more people want a particular job, the price that an employer will pay for that job will decrease

Minimum Wage Law

When the process of supply and demand ...