Q define the labor marketa significant macroeconomic, Ask an Expert

Economics

Q. Define the Labor Market?

A significant macroeconomic variable is the total amount of labor which is used in a certain time period. Amount of labor and amount of capital are important explanatory variables for total production and GDP. Another reason for importance of the amount of labor is that it's related to unemployment rate - a macroeconomic variable that is clearly significant.

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Macroeconomics, Economics

Category:- Macroeconomics
Reference No.:- M9577281

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