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What determines the value of labor? Is labor like any other commodity?

What determines the value of labor? Is labor like any other commodity?

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Answer #1

The value of labor is determined by the number of goods produced by labor in a given time. The more productive labor is the greater the value of it in terms of other laborers.

Labor is like any other commodity. It is demanded in the factors market and it is supplied by the labor force. The equilibrium wage rate is determined at the point where the demand for labor is equal to the supply of labor. Wages (which are the price of labor demanded and supplied) increases as the labor demand decreases and decreases as the labor demand increases, just like any other commodity.

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