Week 3_8 Labour Market

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Get to know Basic Concepts:

-- Labour Market: market in which workers offer their services (supply) and employers are looking for workers (demand).

-- Wages are the payments from employers to employees in exchange for work the employees have done.

-- Real wages are wages corrected for inflation.

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Question: 

How to understand the relationship between real wages and quantity of labour in hours?

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Discuss with fellow students in Discussion Forum. 
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