Answer to Question #316354 in Microeconomics for makgorometsa

Question

2.3 Differentiate between product market and labour market (Use diagrams that explain the interactions in the markets). [04] 

Answer 1

Answer.

The difference between the two is that Product market is a space where final services and goods are sold to the public and business. That is majorly with the exemption of trade in intermediary and raw goods.Example is a supermarket.

Product labour on the other side is different from labour market as the demand and supply of labour where employers give the demand as employees provide the supply.Labour market is a great part and component of any economy.Types of labour market is internal and external labour.