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2.7 The labour market
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Labour as a factor of production

Labour as a factor of production

Labour means human effort used to produce goods and services, so it is one of the factors of production. A labour market is any situation where workers and employers interact, not necessarily a physical place.

2.7 The labour market Lesson

  1. GCSE
  2. /Economics
  3. /2.7 The labour market

Step-by-step lessons on OCR GCSE Economics 2.7 The labour market, covering 2.7.1 Role and operation of the labour market, 2.7.2 Determination of wages, 2.7.3 Explain gross and net pay, and 2.7.4 Calculate gross and net pay. Each one builds up to exam-style questions. Build a solid grasp of supply and demand and cost/revenue calculations before tackling the evaluation-heavy policy topics.

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