Ex.9. Look through the text again and replace the words/phrases in italics with similar ones.

 

1. The demand for labour comes from employers and is derived from their need to hire workers to produce goods and services.

 

2. In the most basic terms, the supply of labour refers to the number of people currently working or actively seeking work.

 

3. Other aspects of labour supply include the hours that workers work, the effort put forth by employees, and the skills possessed by the workforce.

 

4. Basic economic supply and demand theory predicts that if the amount of something supplied is larger than the amount of something demanded, then its price should fall.

 

5. In a market for a good such as wheat, it seems reasonable that an excess supply results in a drop in its price as sellers underbid each other in order to attract buyers.

 

6. In the labour market, however, excess supply does not typically result in reduction of the wage rate.

 

7. Irrespective of the particular form, institutional forces can have important influence on labour market outcomes.

 

8. Workers inside domestic labour markets are, to a certain extent, buffered from the supply and demand pressures of the external labour market.

 

9. Firms may choose to fire workers during an economic downturn in order to avoid the costs or re-hiring or training when the economy picks up.

 

10. Employers and the jobs they offer differ according to such features as the nature and complexity of work, fringe benefits, working environment, promotional opportunities, and quality of employment relations.

 

11. It is important for both labour demanders and suppliers to get an adequate amount of information about the other party before transacting in the labour market.

 

12. The search for highly skilled technical and professional positions is often carried out on a national basis.

 

13. When analyzing wage and employment possibilities, another important dimension is the occupation under examination.

 

14. Occupational licenses restrict one‘s ability to work in a given occupation.

 

15. Different skill sets and work experience are necessary for satisfactory job performance across occupations.