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labour market
composed of sellers of labour (households) and buyers of labour (firms)
demand for labour is a derived demand
means that it depends on the demand for goods/services
factors that influence demand for labour
Price of the product being produced
Demand for the final product
The ability to substitute capital for labour
The productivity of labour
factors influencing supply for labour
training period
wages in other occupations
changes immigration policy
working conditions
trade union power
Market failure in labour markets
occurs in the labour market when workers are unable to easily move between jobs
geographical immobility of labour
Occupational mobility of labour
geographical immobility of labour
When workers find it difficult to move from one geographical area to another to secure employment
Caused by
family ties
lack of info abt possible jobs in different parts of the country
occupational mobility of labour
refers to the ability of a worker to change occupations when they lose a job
skill base is not transferable
structural unemployment