not wanted for its own sake but for what it can contribute to production
1 of 7
Demand for labour
from employers
2 of 7
Supply of labour
those people seeking for employment (employees)
3 of 7
Definition of unstabel commodity markets
Prices of raw materials such as grain, crude oil, (rise very greatly over time)
4 of 7
Definition of labour immobility
ability of workers to change from one job to another
5 of 7
Definition of imperfect market information
producers may know more than buyers, or some producers know more than others.
6 of 7
Definition of externalities
costs and benefits external to the change. Third party effects ignored by price mechanism. e.g:chemical plant sells chemicals .e.g: external cost, pollution, traffic congestion. / external benefits: jobs
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