Labour is the human element in the production process. It is the intellectual and physical effort of people in production. 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. The demand for labour is derived form the demand for the goods and services that labour is used to produce. The demand for labour is influenced …
showed first 75 words of 771 total

showed last 75 words of 771 total
…employers may be less willing to hire additional workers from fear experiencing a dispute. Labour is considered a factor market as factor markets are resources used in the production process to produce goods and services to satisfy the needs and wants of consumers. The quantity and quality of a factor market will affect the standard of living of an economy's members. Labour refers to the human effort put into the production of goods and services.