- Describe internal and external managerial labor markets.
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What are the merits of internal managerial labor market versus external?
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Employers and employees interact to drive the operation of labour markets or employment markets. Labour economics looks at the suppliers of labour services (workers) and the demanders of labour services (employers), and attempts to understand the resulting pattern of wages, employment, and income.
These patterns exist in the market because each person in the market is presumed to make rational choices based on the information that they come to know regarding wage, desire for leisure and desire for work.The amount of work performed by people is measured as labour.
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