What is meant by the derived demand for labour why is the labour market regarded as a factor market?
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 by the level of economic activity, the productivity of labour and relative cost of labour compared to capital. Supply of labour refers to proportion of wrking age…
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