Trends of labour (economics) essays

Trends of labour (economics) essays Labour is defined in economics for the real world as the factor of production, which includes all kinds of human effort, bot mental and physical The labour market is a critical feature of every economy and in no two countries of the world is it identical. You will recall that labour is one of the inputs into the production process (refer tp the circular flow model) along with land capital and enterprise. Labour is usually defined as the human effort required to produce goods and services. It can be viewed just as any other commodity in the market place. The labour market is a resource market which is subject to the influences of supply and demand. At any point in time there is a certain supply of labour and a level of demand. Both of these factors are dynamic in nature. The supply of labour can be influenced by the age and health of the population, education standards, government legislation and entry restrictions imposed by labour organisations. The demand for labour tends to be influenced by the state of the economy, the need for labour in the production process and expectations of producers for the future. Factors affecting the demand for labour: Factors affecting the supply of labour: in recent decades we have seen significant changes in the labour market. On the supply side, the quantity of available labour has grown with the increase in population. At the same time adjustments have occurred through changes in the school leaving age and educational requirements for entry into occupations. The increase in population in the latter half of the 20th century has brought with it economic ...