Labor Supply, Demand for Labor, Wages and Output

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Labor Supply

compromised of the applied labor force who are willing and able to work, and are awaiting deployment.

Labor Demand

Industry’s total available job vacancies from the previous cycle or year up to the present.

Wages

Payments made in exchange for the time and effort exerted or given by an individual who was able to either produce a good or service.

Increase in Labor Supply, Demand remains Constant

decreased wage happens if there are a lot of recent graduates looking for jobs, unemployed workers who were not deployed during the past cycle.

Decrease in Supply for Labor, Demand for Labor remains Constant

Increased wage happens if there are less college graduates and labor force declines while demand for labor remains constant

Increase in Demand for Labor, while Supply for Labor remains Constant

Increased Wage, If the industry expands while labor supply remains unchanged.

APEC

Asia-Pacific Economic Cooperation

Decrease in Demand for Labor, while Supply Labor remains constant

decreased wage due to economic recession where business leaves the industry or shut down

Demand and supply for labor increases (Unemployment and Minimum Wage)

Equilibrium

When did Labor Migration in the Philippines Started?

Late 70s and Early 80s

What country did they migrate to?

Saudi Arabia

When did land-based OFWs increase?

1998

Foreign Exchange

Conversion of Philippine Currency into an international Currency.

Stronger Dollar

International currency’s economy is getting stronger or local currency is getting weaker

Reasons for Housing Shortage and real estate boom

Affordability of Condominium Units to the upper middle class, an increase in population, and awareness of the proximity of these units to places of work, schools, malls, and transportation terminals.

NSCB

National Statistics Coordination Board