Labour market and its interaction with production system
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The place where workers and employees interact with each other is called the labour market.
There is the direct relationship between the labour market and the production system. Labor is one of the main factors of production. There is no production without labor. The more skilled labor, the more effective production.
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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.
The employer tries to hire the best workers and they generate the demand whereas the workers generate the supply.
The labour market is flexible and they adapt according to requirements of society, production and economy and also changes when the need arises.
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