Transcription of INTRODUCTION TO LABOUR MARKET ECONOMICS
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INTRODUCTION TO LABOUR MARKET ECONOMICS
LABOUR MARKET ECONOMICS INTRODUCTION TO LABOUR MARKET ECONOMICS The LABOUR MARKET The MARKET for a factor of production - LABOUR (measure of work done by human beings) Explains the functioning and dynamics of the MARKET for LABOUR the pattern of wages, employment and income. Refers to the demandfor LABOUR by employers and the supplyof LABOUR (provided by potential employees) Demand for LABOUR is a derived demand-not wanted for its own sake but for what it can contribute to productionThe demand for LABOUR is dependent on the demand for the final product that LABOUR produces. The greater the demand for office space the higher the demand for construction LABOUR MARKET : Key Role Players Individuals Decisions Individuals to enter the labourmarket much education /training of job search industry rate The LABOUR MARKET : Key Role Players Firms Decisions Organizations or firms number of workers and policies The LABOUR MARKET : Key Role Players Factors Influencing Firms Decisions Global competition: Free trade, industrial restructuring, Deregulation, Privatization.
•Productivity of labour increases •New machinery is used which increases productivity •If there is an increase in the demand for the good/service itself •If the price of the good/service increases. The Labour Market • Productivity: • A measure of output per person per time
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