DEMAND AND SUPPLY OF LABOR RESOURCES IN THE LABOR MARKET
Keywords:
productivity of labor, wage rates, price of substitute inputs, economic conditions, industry characteristics.Abstract
The labor market, a cornerstone of any economic system, represents the mechanism through which labor resources—workers—are allocated to various sectors of the economy. The dynamics of demand and supply in the labor market govern employment levels, wages, and the overall productivity of a nation. Understanding the interplay between these forces provides critical insights into the functioning of economies and the challenges faced by policymakers.
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