DEFINITION OF LABOUR, MARKET AND LABOUR MARKET

LABOUR MARKET. DEFINITION OF LABOUR, MARKET AND LABOUR MARKET. Market on the other hand is defined as a place or any means of communication whereby the sellers and buyers can communicate

what is labour

Labour can be defined as all human efforts of any kind, either skilled or unskilled, mental or manual, directed towards the production of goods and services.

what to understand about market arena

Market on the other hand is defined as a place or any means of communication whereby the sellers and buyers can communicate with one another, to exchange goods and services at prices determined by the market forces.

LABOUR MARKET

12.1     PERFORMANCE OBJECTIVES

At the end of this, students  should be able to:

  • Demonstrate the link between the growth and structure of population and the growth of the labour force.
  • Identify and explain the other factors that affect the size of the labour force

what is labour market

Labour market is defined therefore as a market in which buyers and sellers of labour are in close contact during which the wages and other conditions of services are determined and agreed upon. Labour is the factor of production which is usually bought and sold in the market.

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