Sample Research Paper
Labor quality “depends on education and training, physique, and health” of the labor force (Labor economics, 2007). As the standards of living are improving worldwide, the labor is more educated primarily in terms of awareness if not qualifications and is apter health-wise to bear the mental and physical demands of its job.
The quality of labor also increases with training and development as the workforce gains more knowledge, skills and experience. It is able to perform better and its productivity rises. Labor quantity depends on the supply of labor. If the people prefer “leisure” over “work”, they supply usually falls short of the demand and vice versa. There are various factors determining the supply of labor including “population size”, “working age”, “retirement age”, “non-monetary aspects”, skills and aptitude, “wages” and “attitudes”. (Gillespie, 2001, p.47). In a country where the population growth is immense and a good percentage of the people live below the poverty line, the quantity of labor available would be more although the quality may not be as great.
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