The paper "Income Elasticity and Economic Development" is a good example of a micro and macroeconomic assignment. The global economic growth pace is driven by an active population that is involved in the production, creation, and distribution of goods and services. Throughout agricultural to the industrial revolution, women’ s participation in active labor has come with many differences in terms of socio-economic development. Analysis of women's labor force participation by their education, marital status, age as well as the urban residence has also determined the effect of their participation in the general development of the global economy.
In this case, therefore, the imperative understanding of the labor trend among male and female laborers is the basis of the analysis shown in graph 1 below. Based on the labor economics, the primary concern is the interaction of labor functioning and dynamism of the markets for wage labor. According to the neo-classical, labor market is viewed just like other markets where the forces of demand for and supply of labor interact. The ideal situation of the labor market is actually controlled by the wage pattern as stipulated by labor laws. The outcomes of the labor market are however affected by gender, race, as well as ethnicity.
Conversely, the paramount differences in terms of earnings and time of working between males and females of those in full time and this are explained by gender-related differences in terms of educational attainment, prior work experiences, average working hours and occupational choice. As shown in the graph below, there is a general uniform trend in terms of female and male labor between 1978 and 2013. The participation rate of women is on the increasing trend from 1978 to 2013, marked by a percentage increase from about 45% in 1978 to about 59% in 2013.
The participation rate of males on the other hand is on the declining trend from 1978 to 2013, marked by a reduction from about 79% participation rate in 1978 to about 71% in 2013. Notably, women are increasingly taking a central in the labor market in the future, considering the trend while men, out of the competition from women, are highly into education systems and gaining experience day in day out compared to their male counterparts.
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