Answer to Question #237888 in Marketing for saleemaslam

Question

As a student, what are those factors that determine the number of labour hours that you will supply to a firm? How does your labour force participation or otherwise impact the Canadian economy? 

Please relate this to your personal experience in the labour market

word limit: 150 words

Answer 1

Different standard hours of work should be allowed for different industries and types of work that I will undertake in companies as a result of regulations. Overtime hours should be considered as a student if you work more than the standard hours. Overtime pay for those hours should be at least 1.5 times the ordinary hourly wage. Maximum working hours should be set by the company. Overtime pay should be provided for hours worked in excess of normal hours. Decreased labor force participation rates will result in lower GDP and tax revenues. It will also result in lower government spending because I will be more likely to enroll in certain federal benefit programs if I am not working. Canada can no longer rely on labor force expansion to compensate for its recent lack of investment and productivity. The difficulties of reducing government deficits would be exacerbated if economic growth slowed.