Since before Adam Smith, labour markets have been known to differ greatly from other markets. Workers cannot be separated from the services they provide, and their motivation and beliefs critically affect how they work. Labour is not exchanged on a...

A factor market consisting of firms as buyers and workers as sellers which exists to match job vacancies with job applicants and to set wages. It is linked to the product market because the demand for labour is derived from the demand for goods and...

The supposition that the LABOUR MARKET is divided into a number of subgroups with little mobility between them and different rules for determining wages and allocating labour within them. The best example is DUAL LABOUR MARKET...

see labour market...

Labour economics seeks to understand the functioning of the market and dynamics for labour. Labour markets function through the interaction of workers and employers. Labour economics looks at the suppliers of labour services (workers), the demanders of...