Question

What is the difference between goods market and labour market? Clarify it.

Answer 1

Answer:

The labour market: In which the focus is the relationship between employers and workers and on how wages are set by HR. The good market: In which the focus is the relationship between firms and their customers and on how prices are set by the marketing department.

Explanation:

The labour market, also known as the labor market, deals with the supply and demand of labor in which supply is provided by workers and demand is made by employers. It is an important part of any economy and is closely related to financial markets, goods, and services.

At a macroeconomic level, the dynamics of the domestic and international market depends on supply and demand, as well as various factors, such as globalization, population size, and the level of education.

Different companies deal with workers on a microeconomic level, hiring them, firing them, and increasing or cutting wages and hours.

Goods Market

Generally, the market for goods and services produced in an economy; in equilibrium if demand equals

output. Alternative names: aggregate expenditures (AE) model, Keynesian cross. Purpose: the goods

market is used to derive the IS curve in the IS / LM model.

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Answer 2

• Goods market is also known as product market. and labor market is also known as- job market
• In the product market, product is produced and supplied by firms and it is demanded by consumers. On the other hand, the labor is demanded by the firms and the households supply the labor to firms in the labor market.
• The labor market, also known as the job market, refers to the supply of and demand for labor, in which employees provide the supply and employers provide the demand. It is a major component of any economy and is intricately linked to markets for capital, goods, and services.
• Goods markets are often the most studied markets in economics and are in any place where buyers and sellers of goods meet for potential transactions. All the grocery, birthday, and holiday shopping you participate in every month takes place in the goods markets.
• By definition, dual labor market refers to the theory that the American economy, or labor market, is separated into two categories: the Primary Sector and the Secondary Sector. For years, the dual labor market has centered around discrimination, poverty, and public welfare.

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