Economics SSS 2 First Term

WEEK 9

Labour 1

Performance Objectives

Student should be able to:

1. Explain the meaning of the labour market and labour force.

2. Explain demand for and supply of labour.

3. Highlight factors affecting demand and supply of labour

4. Explain wage determination.

Content

Labor Market: is defined as a market in which buyers and sellers of labour are in close contact during which the wages and other conditions of services are determined and agreed upon.

Labour force: This refers to the total number of people of working age in a country who are able and willing by law to work. It is the active or working population and it comprises all persons who have jobs and those who are seeking for jobs in the labour market. They are usually found between the age brackets of 18 to 65 years. Working.... View More