Labour Market Concepts Quiz

All human efforts, from skilled to unskilled, physical to mental, used to create goods and services.

A place where buyers and sellers meet to exchange goods and services, with prices determined by supply and demand.

The market where employers (buyers) and employees (sellers) interact to negotiate wages and working conditions.

The total number of people who are available to work, regardless of their current employment status.

The age at which people officially leave school and join the workforce.

The relationship between the age of a population and the availability of workers. A larger population within the working ages (18-65) means a larger labor force.

The ability to produce more goods or services without hiring more workers. This means increased efficiency and productivity.

The impact of education and training programs on worker productivity. Higher levels of education often lead to more skilled and efficient workers.

How technology can improve production by making work easier and faster. This leads to higher output with the same number of workers.

Organisations representing workers. They can influence the labor supply by establishing training programs and regulations that may discourage people from entering certain fields.

A market where individuals who are searching for jobs (workers) and employers who require workers (businesses) interact with each other. This interaction sets salaries and working conditions for workers.

It's the combination of all factors that impact the number of people available to work. Consider population size, school leaving age, and retirement age, among other factors.

The larger the population, the more potential workers are available, thus a larger labor force.

A lower school leaving age means children enter the workforce earlier, increasing the available labor force.

A later retirement age allows individuals to work for a longer period, expanding the labor force.

This includes the number of working hours per week or the number of days worked. More working hours or days lead to a larger labor force.

A high number of disabled people within the working age population reduces the available labor force.

The ease with which a worker moves from one job or location to another.

The cost and time it takes to learn a new skill or profession.

The ability or talent needed for a particular job.

The difference in wages between jobs or locations can influence worker movement.

Policies like the NYSC in Nigeria can either restrict or encourage labor movement.

The ability of workers to move geographically or change occupations to find better jobs or wages.

Factors that make it difficult or undesirable for workers to move, such as family ties, cultural differences, cost of living, or lack of skills and education.

The Nigerian economy heavily relies on oil production, but other industries, like agriculture, have also contributed significantly. However, corruption and economic instability have led to challenges, impacting employment and overall growth.

The percentage of workers involved in industries that require a large workforce, typically with low skill requirements.

The potential for the Nigerian economy to improve, despite challenges like corruption and economic instability, through various sectors like oil and agriculture.

Factors that influence how efficiently workers can produce goods and services. This includes things like education, training, wages, working conditions, and availability of resources.

The level of education and training that workers have received. Higher levels of education and training often lead to greater productivity.

The pay and benefits that workers receive. Higher wages and better benefits tend to motivate workers to work harder.

The ease with which workers can move from one location to another, or from one job to another.

The ease with which workers can relocate from one geographical area to another, while maintaining their occupation or finding a new one.

The ease with which workers can switch from one type of job to another.

The cost of moving from one location to another (e.g., transportation fees, relocation expenses).

The availability of housing in the destination location, which can impact workers' ability to relocate.

How government policies can encourage or discourage worker movement to different locations (e.g., tax breaks, subsidies).

The strength of an individual's ties to their current location (family, friends, community), which can act as a barrier to relocation.

The availability of essential infrastructure in a given area, such as electricity, water, and transportation, which can influence worker relocation.