Labour and the Labour Market Labour is the human element in the production process. The labour market is a factor market where the demand and supply of labour interact to determine the wage rate and the allocation of labour resources in the economy. Derived Demand for Labour The demand for labour is derived from the demand for the goods and services that labour is used to produce. In a competitive labour market, the interaction of …
showed first 75 words of 1519 total

showed last 75 words of 1519 total
…higher the earnings Income Groups The poorest 20% of income units received about 3.8% of gross weekly income in 1999-00; the middle 60% of income units received about 47.8% of gross weekly income and the high income 20% quintile of income units received 48.5% of gross weekly income. Cultural Background Workers form non English speaking backgrounds who are newly arrived migrants, tend to earn lower average incomes than those born in Australia. Average incomes also vary continent of origin of migrants