Question

labour market and its interaction with production system ? describe for 12 marks​

Answer 1

Answer:

hy

Explanation:

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Labor is one of the main factors of production. There is no production without labor. The more skilled labor, the more effective production. Labour is an important factor of production and labour market is associated with demand and supply of labour in which the employers and workers interact with each other.

At the macroeconomic level, supply and demand are influenced by domestic and international market dynamics, as well as factors such as immigration, the age of the population, and education levels. Relevant measures include unemployment, productivity, participation rates, total income, and gross domestic product (GDP).

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