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All the activities involved in producing, distributing, and consuming goods and
services in a specific area. The economy is meant to allocate scarce resources among
competing users.
people should invest their capital in those activities that directly or in directly helps to
increase the growth of economy
Example
Labour
• Labour force • Labour unions • Objective of union labor in Pakistan• Characteristic of labour • Competetive equilibrium in the labor
market• And • Local labour market
labor union is an organization of workers that have banded together to achieve common goals such as
better working conditions.
• Favoritism • Low compensative benefits • Organization ignore this
principle “Right man for right job”
• Labour is perishable more than the other factor
• Weak bargaining power• Less mobile labour generally• Labour is human being not a machine• Difference in efficiency• Labour is active factor• Labour creates capital
In the labour market, labour services are exchanged and those
negotiations occurring between buyers and
sellers partly determine the placement of workers in jobs with
specified wages, benefits, and conditions of
employment.
• If firms and workers are searching for each other throughout with in country , the market
• is described as the national labour market. The search for highly skilled technical
• and professional occupations is often carried out on a national basis.
If the area of search is within the local community, the market
is described as the local labour market. Real
estate agents and taxi drivers are examples of
occupations where job search and recruitment typically occur
within a local labour market.