SOC207H1 Lecture Notes - Lecture 3: Tertiary Sector Of The Economy, Labour Force Survey, Visible Minority
Document Summary
An arena where people provide skills, knowledge, loyalty or expertise to a party seeking such things. And where there is a reasonable expectation that the person"s skills, knowledge, loyalty, or expertise will be exchanged for some type of reward (monetary, non monetary etc: demand side employer. A company or an individual: supply side employee(s) The person(s) providing (offering) the skills, expertise & loyalty to the demand side: reward. Monetary: wages, salaries, cash bonus, employer provided pension. Non monetary: status in society, career opportunities, dental-health coverage, gifts, award, symbolic capital. This is why forced labour is not considered to be included in the labour market- not a free functioning labour market- work or be injured or death. This is economic, social and psychological contract. The labour market can be considered in the regional location, the type of industry. Formal: the employment relationship is monitored or taxed by government and included in official economic output statistics (gdp figures)
