labour market Flashcards
1
Q
what is a labour market
A
A labour market is where firms and workers interact.
Workers supply and Firms demand labour
2
Q
labour as derived demand
A
Labour demand is a derived demand, which means it is based on demand for other goods.
3
Q
case study - heinz ketchup
A
Big shift in consumer demand to take-away food during Covid-19 led to an increase in demand for tomato sauce sachets.
Heinz will open two new production factories to increase their output by 25% leading derived demand for labour.
