Question

What is the economic importance of labour? (5)

Answer 1

Answer:

Labour economics seeks to understand the functioning and dynamics of the markets for wage labour. Labour is a commodity that is supplied by labourers in exchange for a wage paid by demanding firms. ... Labour markets or job markets function through the interaction of workers and employers.

Answer 2

Answer:

Labor represents the human factor in producing the goods and services of an economy. finding enough people with the right skills to meet increasing demand. This often results in rising wages in some industries.

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