Labour Market
Market where labor (employees) is traded for wages.
Real World
During the UK's post-pandemic labour shortage of 2021–22, hospitality giant McDonald's raised starting wages above the National Minimum Wage to attract workers, demonstrating how a tight labour market shifts bargaining power toward employees.
Exam Focus
Use supply-and-demand language explicitly — 'excess demand for labour' scores more marks than vague phrases like 'not enough workers'.
How well did you know this?