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WEEK 6
TOPIC: LABOUR MARKET
Content
- Concept of Labour Force
- Efficiency and Mobility of Labour
Sub-Topic 1: Concept of Labour
- Definition of labour
Labour can be defined as all human efforts of any kind, skilled or unskilled, mental or manual, directed towards the production of goods and services.
LABOUR FORCE
Labour Force may be defined as the total number of people available, capable and willing to supply the labour for the production of economic goods and services. It consists of those who have jobs or who are seeking for jobs in the labour market. They are normally found between the age brackets of 18 to 60 years.
EVALUATION
- Define Labour
- Explain the term “Labour Force”
- Mention the age bracket of Labour of labour force
Sub-Topic 2 : Efficiency of Labour
Efficiency of labour may be defined as the extent or degree to which labour can be combined with other factors of production to yield maximum output. It relates to quality and skill of labour. Efficiency of labour can be measured in terms of the quantity of output which can be obtained from a given input of labour, if other variables are constant. If labour is efficient, the quality of goods and services produced will be high.
Factors determining efficiency of labour
- Education and Training: The higher the level of education and training, the more efficient labour will be.
- Level of technology: When the level of technology improves, it will have a positive effective on efficiency. e.g., introduction computer and accounting software will improve the work of an accountant.
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