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THE LABOUR MARKET
CONTENT
- Supply of and Demand for Labour
- Marginal Revenue Productivity
- The Law of Diminishing Returns
- Efficiency of Labour
- Mobility of Labour
- Wage Determination
- Trade Unions
- Employers’ Association
Supply of and Demand for Labour
Labor market is any arrangement or medium which brings job seekers and employers of labour together. It is a market in which workers sell their labour in order to earn wages i.e. labour supply.
The Concept of Labour Force
Labour force may be defined as the total number of capable men and women who are gainfully employed and those who fall within the age bracket, capable and willing to work but have no work to do in a country at a particular period of time. It varies from country to country, usually those whose ages fall in the age’s bracket of 18-65years and are still not in school; belong to the labor force of a country. The labour force also known as the working population is the productive sector of a country’s total population.
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