Question

What would it be if you imagine yourself working in a firm that sells skills, abilities, and time to other firms.

• What conditions of entry and exit are important determinants of market behavior and outcomes.
• For this discussion, you are a supplier of an input to the processes of other firms, or possibly directly to consumers.
  • Analyze the conditions of entry and exit in the market for your labor.
  • Have these, directly or indirectly, influenced your choice of job, occupation, and career?

Answer 1

Conditions for entry comprise minimum wage policies, competition available, the effect of expertise and even wage income tax policies, etc. Conditions of departure include shifts in salaries from one company to another, place choice, period of recession, etc.

This directly impact choices, because if competition is more than one occupation, then one will certainly take a step back in choosing. If salaries in a particular profession are small, the option will again be restricted, etc.

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