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The Labour market - Coggle Diagram
The Labour market
Land
Anything supplied be nature that helps in the production wealth, goods and services.
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Enterprise
The factor of production that organises other factors of production in order to produce a good or service and takes all the risk in the hope making a profit.
Derived demand
This occurs when something is demanded for its contribution to the production process rather than in its own right.
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Factors that affect labour: 1.Wagw rate. 2.The demand for a firm's output. 3.Price of other factors of production. 4.Government incentives. 5.Availability of new technology.
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