Labour market Free Essay

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Labour market

Like all factors of production labour is exchanged at an agreed price in the form of wages and salaries between buyers the businesses and sellers the labour’s in a labour market. The dynamic nature of markets is highlighted by the changes occurring in the Tropica’s economy over the last 5 years. A number of key macro and micro economic influences in particular a decline in economic growth since the year 2000 (see figure 2) which has led to a reduction in the wage rate for Tropica’s workforce and has also contributed to the growth of a severe unemployment problem in the last 3 years. Labour is one of the four factors of production along with land, capital and enterprise, which are all, used in Tropica’s production of goods and serv

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