The definition of "labor market" is the market in which workers compete for jobs and employers compete for workers. In labor market, wages, benefits and responsibilities of workers are bought and sold. The differentiating factor of labor market from the other markets is the fact that supply and demand rule is not applicable. In the old days, workers (slaves) were bought and sold just like products and therefore, labor market and product market showed major …
showed first 75 words of 642 total

showed last 75 words of 642 total
…the workers/employers demand more, it has to be linked to one of the arguments above. Otherwise, the demand is meaningless. I feel that there must be a tie between production and wages. The tie can be established industry by industry or firm by firm to measure the output per man-hour. If this is not easily calculated, the percentage increase in nation's annual income can be used to set the increase in wages of workers.