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Labour Market Definitions

Definition of Labour Force This is the number of people of working age who are employed or who are looking for employment. I.e. number employed plus the number unemployed Definition of Participation Rate This the ratio of the working age population to the number of employed. see Participation Rate Human Capital This refers to the …

“Readers Question – A microeconomics question. In you labour market section you discuss a monopsonist.You say that “in order to employ one extra worker the firm has to increase the wages of all workers”- why? You give a coal mine as a possible example of a monopsonist, do you really think that a coal mine …