Question

1. Explain the main actors in the labour market.
2. Demand for labour is a derived demand. Explain this statement. Give another example to illustrate the concept of derived demand.
3. Explain two reasons why the labour market is unique
4. Mention four characteristics of the Ghanaian labour market
5. What are labour market outcomes? Give two examples.

labour economics question for final year University students.

Answer 1

The main actors in the labour market are:

1. Trade unions and federations: Trade unions help employees to collectively negotiate on wages and working conditions. When employees represent themselves collectively, through trade union they become a stronger party to negotiate. The trade unions also assist individual employees by providing them good advice, legal support and solve the disputes with the employer.

In many organizations, there are local trade unions linked with larger federations which in turn linked to central organizations. Anybody can become a member of trade unions and it's voluntary.

2. Employers' Organisations: Employers collectively promote their interests towards the employees with the help of employers' organizations. Along with this employers also get help and support in various problems that affect the labor market.

3. Collective agreements and collaboration: A collective agreement is a written agreement between the trade union and the employer which helps in regulating wages and employment conditions and other problems at the workplace.

A collective agreement between employer and trade union is vital for the collaboration which is used at the workplace. The collaboration between employer and employees also helps in achieving a good work environment.

So these are the main actors in the labor market who help each other in making the workplace great for both employees and employers.