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Labour is one of the four factors of production along with land, capital and enterprise
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Labour: refers to the human characteristics of physical effort and skill, which are offered for sale in a market as a factors input to businesses, at an agreed price. (human effort required to produce goods and services). Often referred to a "human capital " Labour is one of the four factors of production along with land, capital and enterprise Labour market- refers to labour been exchanged at an agreed price in the form of wages and salaries between buyers the businesses and sellers the labour's. The labour market is a resource market often open to the influences of supply and demand. The market demand (buyers) for labour is generated by employers (production sector). Demand of labour tends to be influenced by the state of the economy, the need for labour in the production process and the expectations of producers for the future. The market supply (sellers) for labour is provided by employees...
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