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Work, Subject Of Labor Market Transactions

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  • ROXANA MIHAELA PIVODA

Abstract

Labor, the main production factor traded on the labor market, actually represents the essence of the functioning mechanism of this market. Labor was appreciated by Adam Smith as the unique source of wealth of the nations, and by John Maynard Keynes as the one that produces everything. In the factors of production system, work occupies the first and perhaps the most important place, due to the fact that thanks to it the combination and efficient use of the other factors of production are achieved.

Suggested Citation

  • Roxana Mihaela Pivoda, 2011. "Work, Subject Of Labor Market Transactions," Journal of Academic Research in Economics, Spiru Haret University, Faculty of Accounting and Financial Management Constanta, vol. 3(3 (Novemb), pages 503-511.
  • Handle: RePEc:shc:jaresh:v:3:y:2011:i:3:p:503-511
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    More about this item

    Keywords

    inputs; production factor; categories of players; workforce skills; wage.;

    JEL classification:

    • J2 - Labor and Demographic Economics - - Demand and Supply of Labor
    • N34 - Economic History - - Labor and Consumers, Demography, Education, Health, Welfare, Income, Wealth, Religion, and Philanthropy - - - Europe: 1913-

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