Labor Demand
Definition
The need or requirement for workers to fill job positions.
Analogy
Imagine a pizza restaurant that has a busy Friday night. The demand for labor would be equivalent to how many employees they need to hire in order to handle all the orders efficiently.
Related terms
Supply and Demand: The economic principle stating that prices of goods and services are determined by their availability (supply) and consumer desire (demand).
Labor Union: An organization formed by workers with similar interests, aiming to protect their rights and improve working conditions through collective bargaining.
Industrialization: The process of developing industries on a large scale, typically involving increased mechanization and division of labor.
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