Labour Market and Labour Force
This lesson covers the definition of the labour force and its components. It explains the concept of the labour market, including how wage rates and conditions of service are determined. The lesson also discusses the efficiency of labour in production processes.
- 00:00 “Hello, welcome to this lesson. My name is Cornelius and I will be taking you economics SS1. And in this lesson our topic is labour markets. Now in this lesson we are going to be looking at the concept of labour force, th...”
- 01:43 “Those who are working and are within this age range. So we have people who are working but outside this age range will not count them as part of the labour force. Now what is the labour market? We talked about the labour...”
- 00:53 “The labour force comprises of all persons who have jobs and those who are seeking for jobs in the labour market. Now when we talk about economic activities, we talk about production, we talk about who are we going to pro...”
Factors of Production
The lesson covers the concept of production and its types. It explains the factors of production, division of labor, and specialization. The advantages and disadvantages of division of labor and large scale production are also discussed.
- 11:19 “be a state, it could be a country, it could be a continent. So you can have people moving from, you can have doctors moving from Nigeria to Europe. You can have lawyers moving from Nigeria to Asia, sort of like that. So...”
- 20:56 “or the entrepreneurship component handles the provision of capital. So when capital comes in, we're able to get land, we're able to get labor and we go about producing goods and services. Now we move on to division of la...”
- 28:41 “have a t-shirt in the same color, same shapes, same size, same everything and you have like a million pieces of it because the labor was divided and it was done very fast. And then the vision of labor also brings about e...”