Acronyms that contain the term labor demand
What does labor demand mean? This page is about the various possible meanings of the acronym, abbreviation, shorthand or slang term: labor demand.
What does labor demand mean?
- Labor demand
- In economics, the labor demand of an employer is the number of labor-hours that the employer is willing to hire based on the various exogenous (externally determined) variables it is faced with, such as the wage rate, the unit cost of capital, the market-determined selling price of its output, etc. The function specifying the quantity of labor that would be demanded at any of various possible values of these exogenous variables is called the labor demand function. The sum of the labor-hours demanded by all employers in total is the market demand for labor.