Unemployment rates and labour productivity rates are two important macroeconomic gauges. Individual wages and number of hours worked are two important microeconomic gauges.
The labour market, also known as the job market, refers to the supply and demand for labour in which employees provide the supply and employers the demand. It is a major component of any economy and is intricately tied in with markets for capital, goods, and services.
The labour market has to do with supply and demand for labour, with employees providing the supply and employers the demand. The labour market should be viewed at both the macroeconomic and microeconomic levels.
Unemployment rates and labour productivity rates are two important macroeconomic gauges. Individual wages and number of hours worked are two important microeconomic gauges.
At the macroeconomic level, supply and demand are influenced by domestic and international market dynamics, as well as factors such as immigration, the age of the population, and education levels.
Relevant measures include unemployment, productivity, participation rates, total income, and gross domestic product (GDP). At the microeconomic level, individual firms interact with employees, hiring them, firing them, and raising or cutting wages and hours.
The relationship between supply and demand influences the hours employees work and compensation they receive in wages, salary, and benefits.
From the Book – ‘ Know Everything about Corporate Social Responsibility ‘
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