How are supply and demand influenced by the labor market? What role does the Labor union or Government play in this? Please connect with the case in your country.

How do supply and demand influence pricing?

According to the supply and demand model, a good price is when the quantity desired equals the quantity supplied.

The economic model of supply and demand is used to determine market prices. In a competitive market, the quantity required by the customer (at the current price) will be equal to the amount supplied by the manufacturer (at the current price), resulting in price and quantity financial balance.

Explanation:

Role of government in the labour market

1. The government should place a strong emphasis on modernising manufacturing methods and risk-free labour procedures.

2. Formulation and implementation of labour legislation to increase work opportunities for UAE citizens and others.

3. Close the wage, productivity, work ethic, and work hours disparity between the private and public sectors.

4. Wage minimums and maximums are in effect.

5. The government should concentrate on improving the labour market in terms of skill development, English language acquisition in order to compete in the global marketplace, the ability to learn from a young age, job stability, and the assurance of future wage increases.

All of the government interference resulted in a rational labour market. Which are both, directly and indirectly, related to the UAE's economic development. This created healthy competition in the economy, resulting in an increase in the UAE government's GDP. This intervention in the labour market gives workers assurance about a brighter future for their families, which encourages them to work more directly for corporations and companies, and indirectly for the UAE.

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