LABR 1F99 Chapter Notes - Chapter 5: Job Performance, Economic Surplus, Complex Number

• School: Brock University
• Department: Labour Studies
• Course: LABR 1F99
• Professor: Simon Black

Document Summary

Labour power (lp) the human mental and physical capacities exercised when creating the useful things, we need to survive. General equilibrium features a balance between supply an demand in every market in the economy. This includes markets for produced goods and services as well as markets for factors of production; including labour and capital. Labour market the process by which workers offering their capacity to work for wages and employers offering jobs at a certain wage interact and settle on a mutually agreed upon wage contract. Labour supply and demand varies according to: availability and quality of jobs, availability and skill level of workers, availability of forms of survival outside the labour market. Being supported by other resources, such as parents: government policies which shape labour market. The labour process is an expression of who has power in the workplace, employers must find ways to turn the capacity to work into the actual performance of work.