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Labour Market
The interaction between employers seeking to hire labor and employees providing labor services.
Demand for Labour
The number of workers that firms are willing and able to hire at the existing wage rate.
Wage Rate
The amount of money paid to workers in exchange for their labor services.
Derived Demand
The demand for labour that arises from the demand for the final product it helps to produce.
Productivity of Labour
The amount of goods and services produced per labor unit in a given period.
Supply of Labour
The amount of labor services workers are willing and able to offer in the market at existing wage rates.
Equilibrium Wage Rate
The wage at which the quantity of labor demanded equals the quantity of labor supplied.
Minimum Wage Legislation
A law that sets the lowest legal wage that can be paid to workers.
Trade Union
An organization of workers that aims to protect and improve the conditions and pay of its members.
Collective Bargaining
Negotiations between employers and a group of employees aimed at reaching agreements to regulate working conditions.
Wage Differentials
The variations in wages paid to different workers performing different jobs.
Backward Bending Supply Curve
A labor supply curve shape that indicates that beyond a certain wage rate, increased wages lead to decreased labor supply.
Factors Determining Labour Demand
Wage rate; 2. Demand for final goods; 3. Availability of substitutes; 4. Productivity of labour.
Factors Determining Labour Supply
Wage rate; 2. Qualification and training; 3. Retirement age; 4. Female participation; 5. Working conditions; 6. Immigration and emigration; 7. Total population; 8. Minimum wage legislation; 9. Labour laws.
Job Security
Protection against arbitrary dismissal and assurance of continued employment.
