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SS1: ECONOMICS - 2ND TERM

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  1. Firms & Industry | Week 1
    4 Topics
  2. Firms & Industry (Business Organisation) | Week 2
    5 Topics
    |
    1 Quiz
  3. Population Theory I | Week 3
    3 Topics
  4. Population Theory II | Week 4
    3 Topics
  5. Population | Week 5
    3 Topics
  6. Population Distribution | Week 6
    4 Topics
  7. Population Census | Week 7
    3 Topics
    |
    1 Quiz
  8. Labour Market | Week 8
    3 Topics
    |
    1 Quiz
  9. The Nature of the Nigerian Economy | Week 9
    4 Topics
    |
    1 Quiz
  10. Agriculture | Week 10
    4 Topics
    |
    1 Quiz



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Lesson 8, Topic 1
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Labour Market & Labour Force

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Labour Market:

Labour market is an integral part of factor market where factors of production are bought and sold.

Labour market is defined as a market in which the buyers, sellers, and employers of labour are brought into close contact during which wages and all other conditions of services are determined and agreed upon. 

The Concept of Labour Force:

Labour force may be defined as the total number of capable men and women who are gainfully employed and those who fall within the age bracket, capable and willing to work in a country at a particular period of time. They are normally found between the age brackets of 18-60.

Labour force is also referred to as the working population. The working population varies from one country to another. To be a member of the labour force, one must be of working age (18-60 years).

People that are not members of the labour force include:

1. Children of school age 0 – 17 years.
2. The elderly above 60 years.
3. People that are able but not willing to work.

Factors Affecting the Size or Supply of Labour Force:

1. Immigrants increase the size of labour force of a country (people moving from one country to settle in another)
2. The school entry and leaving age.
3. The number of special people (disabled people)
4. If the working hours are very high people will be discouraged from joining the labour force.
5. The total working population of the people.
6. Age structure or distribution of the population.
7. The number of people unwilling to work.

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