Labour Economics : Demand Overview
2024-04-17
Labour demand is defined as the amount of labour that employers seek to hire during a given time period at a particular wage rate. The demand for labour as a factor of production is a derived demand
The demand for labour shows how many workers the firms are willing and able to hire at a given time and wage rate. Therefore, demand for labour is a concept that illustrates the amount of labour a firm is willing to employ at a particular wage rate.Labour demand is defined as the amount of labour that employers seek to hire during a given time period at a particular wage rate. The demand for labour as a factor of production is a derived demand, in that labour is demanded not for its own sake but for its contribution to the production of goods and services.
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